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Old 03-11-2017, 11:32 AM
 
Location: Texas
1,976 posts, read 1,383,754 times
Reputation: 6775

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We never received any inheritance, but we are planning on giving our son a very large 7 figure amount after we pass. We also give the max tax free gift amount each year, $14K now. We also have two boys that are not adopted, but we took them in and are part of the family. They will each receive amounts in the 6 figure range. They also receive annual $ gifts.
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Old 03-11-2017, 11:36 AM
 
Location: Louisiana
810 posts, read 619,968 times
Reputation: 1218
I don't plan on leaving much to my kids and grandkids . Some guns , coin collection , tools etc. My wife has a few items of jewelry . As far as cash goes , I don't think there will be much left after the funerals are paid for . My kids were raised to take care of themselves .
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Old 03-11-2017, 12:12 PM
 
13,357 posts, read 25,639,183 times
Reputation: 20652
Quote:
Originally Posted by Minervah View Post
Check with the laws in your state, in many if you want to leave them out, you have to put them in. And then specifically exclude them.
I used to work in a probate court and I would see this happening more times than I can remember.
I have named my sister as someone who should not get anything. The lawyer said she was the only person I had to name that way. My nephews don't have to be named.
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Old 03-11-2017, 12:15 PM
 
900 posts, read 1,528,222 times
Reputation: 1886
My 4 kids are in their late 20's early 30's. I have gifted them each $5000 per year into their Roth IRA's since they started working and making money. I plan on doing that as long as I am " above ground". I have pushed them to put 10% into their 401K and then put half of all raises until they max out. I will be long dead and they will be commenting to friends and family how wise and kind the old man was.
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Old 03-11-2017, 12:25 PM
 
Location: Chicago area
14,449 posts, read 7,969,639 times
Reputation: 53634
My brother and I inherited about 75k which included half interest in a run down neglected house. I bought him out and rehabbed the house and rented it. He spent his money and was broke about two years later. I made a killing with the house. We don't expect to inherit much if anything from John's mother. I hope she spends it all on her own care. It's her money, why not? If John's brother doesn't continue to steal it all.

We have a sizeable estate with no family. Yes we have heirs, but it's only if we both go down in flames together. I don't want my only living relative and John's family to get a dime, so it's split among friends and the kids in our life. That being said, I do not intend to leave a dime behind for anyone else to enjoy off of the backs of our hard labor. People who are given with out earning rarely understand the concept of learning how to fish. Why encourage weakness? I will and have helped them along the way, but will not fund irresponsibility. If they want a mentor? I'll be there. If they want a handout because of laziness? Hit the road Jack.

John and I are self made and no one helped us. That little bit of money that came from my mother was nice, but it didn't "make us." We did it through hard work and sacrifice. Why shouldn't we be the ones to spend it all?
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Old 03-11-2017, 12:25 PM
 
Location: Sierra Nevada Land, CA
8,429 posts, read 9,186,341 times
Reputation: 13169
We'll see how it goes. I am not planning anything. If there is value left in the estate when we die, it goes to our two kids.

As a side note; my mother left me $25,000. Unfortunately her estate planning lawyer stole the money.
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Old 03-11-2017, 12:51 PM
 
Location: Lakewood OH
21,698 posts, read 23,737,225 times
Reputation: 35455
Quote:
Originally Posted by brightdoglover View Post
I have named my sister as someone who should not get anything. The lawyer said she was the only person I had to name that way. My nephews don't have to be named.
Usually the ones I saw in the probate court were kids who had been left out of parents' wills. I may have seen a sibling or two as well.
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Old 03-11-2017, 01:04 PM
 
Location: Albuquerque NM
1,670 posts, read 1,537,994 times
Reputation: 3659
Most of my retirement income is pension and only 25% from investments. I plan to spend down the investments at a conservative 3-4% withdrawal rate. As MJ pointed out in post #38, this could result in my having nothing left if I die in my 90s or having the same amount that I started with or 2x that amount depending on the market and when I die. If my investments are doing great ten years from now in my 70's and I still have the energy and desire to travel or buy that dream home, I may splurge. The money is currently divided between seven beneficiaries (I have no children or spouse) so no one gets a large inheritance. My home does not appreciate that much here in flyover country.
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Old 03-11-2017, 01:13 PM
 
Location: SoCal
13,444 posts, read 6,433,987 times
Reputation: 10033
That's one reason I told my sister to spend money and enjoy. With 10 nephews and nieces, even if she dies and leaves them a million from her estate, highly unlikely, it's only $100k each. Nice but not live changing amount. Same as $25K each.
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Old 03-11-2017, 01:32 PM
 
Location: Forests of Maine
30,745 posts, read 49,579,522 times
Reputation: 19180
Quote:
Originally Posted by Mr5150 View Post
We'll see how it goes. I am not planning anything. If there is value left in the estate when we die, it goes to our two kids.

As a side note; my mother left me $25,000. Unfortunately her estate planning lawyer stole the money.
We had to hire a lawyer this last year to deal with the probate court. We were shocked at how much they charge, and what little communication they provide.

An estate of $25,000 could easily be consumed by a lawyer handling the probate process.
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