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Old 03-12-2017, 06:03 PM
 
Location: Forests of Maine
30,693 posts, read 49,482,998 times
Reputation: 19136

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Quote:
Originally Posted by Electrician4you View Post
... Leaving something for your heirs is a personal matter. I know we're leaving money and items to loved ones. I don't need to make sure it's all spent to coincide to my last day. That's greedy and only a imbecile does something like that. If you love your wife/husband/kids you want to help them and make sure they have some benefit if you pass on right?
I agree.



Quote:
... You want them to have some money to cover things since you won't be there. Otherwise what's the point of buying a life insurance?
Makes sense to me.



Quote:
... And maybe to the people that left you such amounts it could be that to them that was a lot of money. And unfortunately it sounds like you're unhappy with that was left to you. I would trade whatever inheritance I get if it meant having that person around again.
hmm. maybe.
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Old 03-12-2017, 06:30 PM
 
Location: Forests of Maine
30,693 posts, read 49,482,998 times
Reputation: 19136
Quote:
Originally Posted by pilotpair View Post
My father died and had $40,000 left in a savings account. We donated it to a local animal shelter in rural Arkansas. With four children, a gift of $10,000 would be appreciated but wouldn't change any lives. To a struggling animal shelter, it was a great gift.
That was how I felt about previous inheritances. The loss of a family member, months of waiting for the inheritance and when you finally get it, it is not life changing at all.



Using this inheritance we got in 2016, we bought two side-by-side store-front buildings in a downtown block where most storefronts are empty. One storefront has been occupied by a printer. While the other storefront, the second and third floors of both buildings have been vacant for over 20 years.

The printer has been slowly sliding into bankruptcy. We gave them a lease that they can stay so long as they pay for their heat and utilities. [I have no use for an empty store-front]

We know of a small street ministry that has been renting a 800 sq ft hole-in-the-wall. They run an after-school program for teens, a food pantry for the hungry, once a year they organize a free hair cut/styling event in the city park for the homeless, and church services every Sunday. We have leased them the second store-front, with 3200 sq ft of space, for free, but they need to pay for their heat and utilities. They are putting in a commercial kitchen in it now.

The remaining floors are being gutted and remodeled into apartments for college students.

The printer is happy that they can stay in operation, maybe until they reach SS age. The church is happy to have so much more space now. We hope the apartment revenue will be enough to keep it functioning.

Maybe it will help to change someone's life.
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Old 03-12-2017, 07:18 PM
 
6,539 posts, read 3,092,851 times
Reputation: 6016
We spend what we want/need. We also conserve with an eye towards possible health care needs as we age.

We have given our 4 kids substantial gifts in the way of home down payments/house improvements.

We also give them substantial birthday/xmas gifts of cash.

So, some of our estate is carved out in the event I predecease my parents for their care. Token amounts are carved out for hubby's 8 siblings. More substantial amounts are carved out for my 2 sisters.

Once both of us are gone, the kids will get the rest.

Probably worth noting that one of the reasons we have a lot to dole out is that everything we saved for their college tuition has remained in our possession and grown with earnings. Three of the four got full scholarships where all we paid was the price of a laptop and the fourth got half tuition from scholarships.

The youngest is 32 so by the time they get it all but one child will be mature enough to handle a large influx of cash if that is the result which of course depends on how much we need to take care of ourselves. We go back and forth about the fourth child who would probably blow it in a year. So far, he has no kids, so we don't worry too much about it. We might change our minds later, but there is only so much controlling from the grave that you can do.
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Old 03-12-2017, 08:06 PM
 
Location: Upstate, NY
609 posts, read 262,619 times
Reputation: 753
We have one son. We created a trust in case something happened to both of us. In the trust, we have stipulated a certain amount of funds to be distributed at certain times. Our thought was to provide money for college, then to start a career, and finally to help support a new family. So the distributions are at 18, 28, and 35, I believe. The initial amount would go to a relative who is identified in the trust and who would take our son in, once again in the event we suddenly die. I assume you can do the same kind of staggering of moneys to pass on your wealth? Ideally, I would like to pass on wealth to my son, who in turn would grow that wealth and continue to pass it on. And so on, for generations. Gifting for a number of years into a Roth also seems like a great idea. I have also been considering some kind of charity.
DC
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Old 03-12-2017, 08:18 PM
 
Location: SoCal
13,277 posts, read 6,356,923 times
Reputation: 9900
Quote:
Originally Posted by blueherons View Post
My parents who are wealthy have made it very clear that nothing is going to me or my siblings but instead to all of their favorite charities.

They have provided college educations to me and my siblings and their grandchildren and said they are done.

My dad has made the money, he gets to spend it like he wants.

Methinks there is going to be a very wealthy set of humane societies in South Carolina one day.
Warren Buffet is in this category. He pays for the grandkids college education but that's it. He doesn't even spend it himself. He just likes to make money.
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Old 03-12-2017, 08:22 PM
 
5,347 posts, read 7,228,022 times
Reputation: 5110
You can help the next generation with the money you have now, you don't have to wait until you're dead to do it.
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Old 03-13-2017, 01:43 AM
 
660 posts, read 312,118 times
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Quote:
Originally Posted by Submariner View Post
Spending it all now? Or maintain an estate to go to your heirs?
Neither. Trying to retire early and not run out of money before I die.
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Old 03-13-2017, 02:56 AM
 
Location: RVA
2,172 posts, read 1,270,292 times
Reputation: 4492
Exactly, same for us. Right now, pre retirement, the kids are the heirs. As we age, that will likely change,mdepending on the sibling situations. We'd like to leave some to non corporate animal charities, especially rescue and elderly animal care.
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Old 03-13-2017, 05:11 AM
 
Location: Tampa, FL
27,798 posts, read 26,235,889 times
Reputation: 14611
Quote:
Originally Posted by Submariner View Post
It seems like the focus of so many threads here, is all about spending every penny to reach the grave dead broke, with no inheritance for the next generation. Is that really where our society has gone?

Is it true that nobody is trying to help the next generation?
It really depends on the potential recipient. Was he/she upstanding, kind, citizens who showed interest in the lives of those who will be providing the inheritance?

Every situation is different. I'd give the estate to a deserving charity before giving it to good-for-nothing relatives feeling entitled.
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Old 03-13-2017, 07:50 AM
 
10,248 posts, read 12,276,462 times
Reputation: 14134
I think people hear "inheritance" and they think "Beverly Hillbillies" money will be rolling in.

I have a good friend that is convinced him mom is going to leave him 5-6 million. She had a great job, 20-25 years but even then if she saved 100K a year and invested it wisely it wouldn't be 5-6 million. She has a 700K house (with a mortgage), drives nice cars and takes nice vacations but I simply don't see "millions." I honestly would be stunned if she was worth 1-2 million net. He is banking on this big windfall.......that I don't think will be there!

A grandmother in my extended family was famous for "your outta the will" comments whenever she saw behavior she didn't like. I laughed and thought she wouldn't have any money in the end anyway. Her son was mentally spending the cash for 20 years......then he died before she did! He wasted his life waiting for the big inheritance that never got to him. Grandma was worth about 1.8 million in the end. 3 grandkids got ZERO, dead son ZERO, estranged son got it all.
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