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Old 10-03-2017, 05:33 AM
 
13,872 posts, read 7,386,288 times
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Quote:
Originally Posted by Cabound1 View Post
I realize this is completely unenforceable..... And from reaction I've often gotten when I mention it, completely unpopular, but the world would be a whole lot better off if there was no passing wealth from generation to generation.

Sure would fix income inequality fast. Curiously, even when I mention this to people with tiny estates, they still can't see the benefits to them, of preventing the 'big boys" from hoarding it.

Again, I know it won't happen, I'll be called a socialist, whatever.... but think about it....you are allowed to use capitalism to further your own cause, but the kids start at zero, just like everyone else. Equal opportunity from birth. Imagine that.
Income inequality derives from better parenting and a bit of genetics, not inheritance. Look at the track record of people winning the lottery. In most cases, the money is completely gone in 10 years. Good parenting and a bit of genetics gets you the 5%er job with the high income.

Look at the top American universities. 50% of the students are Asian/Indian with parents who came here with nothing but the shirt on their back but they made sure their children got a good education and imparted a work/success ethic on them. Those people are going to be driving the US economy 20 years from now.
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Old 10-03-2017, 06:00 AM
 
Location: Philadelphia/South Jersey area
2,869 posts, read 1,399,615 times
Reputation: 10071
Quote:
Originally Posted by charlygal View Post
Sorry, but I find articles like this to be vulgar. So many older voters are conservative and will talk about people mooching off of welfare. Fine. Then how do you excuse yourself from intentionally planning for years on mooching off the system when you clearly have the option of getting LTCi or just using your assets to pay for your care.
lol, because it's always "the other guy" who is causing the problem.
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Old 10-03-2017, 06:04 AM
 
Location: Philadelphia/South Jersey area
2,869 posts, read 1,399,615 times
Reputation: 10071
Quote:
Originally Posted by mathjak107 View Post
nothing busts up siblings and family faster than let the heirs sort it out
which IMO is more of a reason NOT to leave the kiddies a darn thing. Greedy Bastards are left assets and then get to fighting over whom gets what??
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Old 10-03-2017, 06:13 AM
 
Location: Philadelphia/South Jersey area
2,869 posts, read 1,399,615 times
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Interesting article.

So glad I try to live my life by a higher moral code. As another poster pointed out just because it's legal don't make it moral and I like to take the moral road.

Anyhoo, My husband and I also don't like big inheritances so we never had plans on leaving our kids large pots of money. My kids got fully funded college education, one got a full paid for law degree (we'll he's still going). they will each get a residence mortgage free. Now that they are older we've already sharing our estate plans so they actually know not to expect millions of dollars.

After that, if they cannot take care of themselves, tough coconuts I'm not about to waste time and energy over stressing whether or not they get hit with a tax bill. if they don't like the tax bill, decline the inheritance. Now I don't have grandbabies as of yet so that all may change.

We have set up charitable trust to support the things we believed in.

as for LTC, I feel confident that the plan my account, FA and I came up with will keep me out of medicaid and I actually think outside of dementia issues, if more folks were proactive about their health way before they got old a lot of issues could be avoided.

But thanks for the article, as always I say "nothing until death is permanent". I reevaluate annually.
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Old 10-03-2017, 06:18 AM
 
71,468 posts, read 71,652,652 times
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is potentially impoverishing your spouse moral ? the idea of long term care planning is not just about medicaid either . there are so many ways skilled attorneys deal with the issue of having a safety net and not impoverishing your spouse if assets get depleted to levels that are to low to maintain a respectable lifestyle for the spouse .

Last edited by mathjak107; 10-03-2017 at 06:39 AM..
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Old 10-03-2017, 08:49 AM
 
Location: Philadelphia/South Jersey area
2,869 posts, read 1,399,615 times
Reputation: 10071
I don't have a spouse so Some one else will have to chime in on that. So let me say I married a man with the same convictions I had, so if it came down to doing what we feel is right even if it means we're broke. Than we did what's right. Now others are free to do as they please. I raised my children the same way. If the choice is morally bankrupt or financially bankrupted, Im picking financially ever time.

Let me also say, that I'm making this choice with a lot of options. If the sh%$ hit the fan I may totally do whatever it took to prevent disaster.

GOD willing I'll never have to make that choice. Losing my wealth is an option, losing my soul is not.
I do get legal advice, I just decide whether to follow it or not


Just my thoughts and mine alone
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Old 10-03-2017, 10:18 AM
 
1,048 posts, read 513,133 times
Reputation: 1800
Quote:
Originally Posted by GeoffD View Post
Income inequality derives from better parenting and a bit of genetics, not inheritance. Look at the track record of people winning the lottery. In most cases, the money is completely gone in 10 years. Good parenting and a bit of genetics gets you the 5%er job with the high income.

Look at the top American universities. 50% of the students are Asian/Indian with parents who came here with nothing but the shirt on their back but they made sure their children got a good education and imparted a work/success ethic on them. Those people are going to be driving the US economy 20 years from now.
I went to one of those top universities. I agree with them being 50% Indian/Asian. But they are also about 5% kids of rich alumni. None of us are going to catch up with those kids as long as they make reasonable decisions with the trust fund.
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