Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I have seen some unfortunate inheritances. In my area, it's not uncommon to see parents leave a house to their children, in the theory that at least the kids would have a place to live. The mill jobs have pretty much gone away, and if the kids didn't amount to much they would never be able to afford a home on their own. The problem is that elderly people often defer maintenance on their homes, and older homes are not cheap to maintain under the best of circumstances.
In one situation I saw, there was a faulty porch light. The kids couldn't afford an electrician, and didn't have the skills to fix it themselves, so they just ignored it. Somebody left the porch light on, and it started a fire that burned the living room. They had let the homeowner insurance lapse, so their inheritance turned into a burned out house. They sold it for the value of the bare lot, about $50,000 at the time, split the money two ways, and that's the last I heard of them. As we all know, $25,000 doesn't go far any more. I imagine they ended up broke again after a short time. Mom and Dad would have done better to put the money in an annuity that paid the kids a small income.
Trusts and annuities are not a bad deal even if the kids are not losers. My father's aunt died and left him the beneficiary of a trust, which really irritated him. He was a farmer, and could have used a wad of money to expand his holdings. Instead, he bought acreage and used the trust to make the mortgage payments. It worked out OK.
My understanding is that you have to have a pretty big trust to make trust fund administration worthwhile, but annuities are a "set it and forget it" option.
I have seen some unfortunate inheritances. In my area, it's not uncommon to see parents leave a house to their children, in the theory that at least the kids would have a place to live. The mill jobs have pretty much gone away, and if the kids didn't amount to much they would never be able to afford a home on their own. The problem is that elderly people often defer maintenance on their homes, and older homes are not cheap to maintain under the best of circumstances.
In one situation I saw, there was a faulty porch light. The kids couldn't afford an electrician, and didn't have the skills to fix it themselves, so they just ignored it. Somebody left the porch light on, and it started a fire that burned the living room. They had let the homeowner insurance lapse, so their inheritance turned into a burned out house. They sold it for the value of the bare lot, about $50,000 at the time, split the money two ways, and that's the last I heard of them. As we all know, $25,000 doesn't go far any more. I imagine they ended up broke again after a short time. Mom and Dad would have done better to put the money in an annuity that paid the kids a small income.
Trusts and annuities are not a bad deal even if the kids are not losers. My father's aunt died and left him the beneficiary of a trust, which really irritated him. He was a farmer, and could have used a wad of money to expand his holdings. Instead, he bought acreage and used the trust to make the mortgage payments. It worked out OK.
My understanding is that you have to have a pretty big trust to make trust fund administration worthwhile, but annuities are a "set it and forget it" option.
My in-laws are falling into that same trap. They have an enormous 7,500 sf home. My FIL was a child of the Depression and, to him, this house is the be-all, end-all symbol that he made it in life. But now they literally never visit the second floor of the house for any reason. And they are in Florida 50% of the year.
But my BIL moved into the basement 18 years ago after a terrible divorce and never moved out again.
Mind you, the guy is an engineer and makes good money. He actually built a company and then sold it. So he could afford a place of his own. He won't bite the bullet, however, because he's incredibly cheap. He dresses as if he shops at the thrift store and likely had the first dime he ever made. Now he works for someone else and travels around 3/4ths of the time.
Deep down, my FIL can't bear the thought of strangers owning it after he dies, so he periodically tells everyone that John will be getting the house in the inheritance. What a single fifty-something workaholic who travels 75% of the time needs with a 7,500 sf home is beyond me. Not only does it strike my wife and her siblings as incredibly unfair, it also creates a messy distribution of assets. Evidently, the provision of the will is for my BIL to pay his four siblings for their share of the house.
That means that everybody will be arguing over what the real value of the house is, who is entitled to the contents, etc., etc. You'd have to know my wife's family. They are all cheap and acquisitive at the same time. They complain about spending money but simultaneously rifle through the newspaper every Sunday to see what's for sale. As a result, I can see my three BILs going ten rounds over a riding mower or something. Add the valuation of a house to the equation, and it's pretty much a recipe for disaster. The BIL who gets the house will obviously claim the lowest possible valuation of the house, whereas the rest will say it's worth more. In truth, the real value of a house is what someone is willing to pay for the thing, nothing less and nothing more. So, needless to say, it will not be a nice, clean, trouble-free sail through probate when that time comes.
Giving our money away to charity instead, without telling them would be one huge kick in the a$$ to them, and I wouldn't want to be in my grave being called an old B*tch. I want my boys to have GOOD thoughts and memories of me and be grateful that we were their parents.
Too true. My father died in October. In November, we got a copy of his will. He disinherited his children and grandchildren.
I will never forgive him.
He left my mother when I was in high school. He refused to help us with our college expenses. He never gave presents to his grandchildren. We invited him to the grandkids birthday parties, graduations, confirmations, etc. He never came. Yet, when he needed an open heart surgery, we visited him in the hospital and afterwards at home. We visited him in Florida when he announced his illness. We went to his funeral.
I and my siblings always tried to do the right thing with him. We now feel used and abused.
As for the money, it would have gone to help our children with graduate school costs. We didn't want it for us except it would have validated that he had some feeling of love towards us.
Galatians 6:7-8
Do not be deceived: God is not mocked, for whatever one sows, that will he also reap. 8 For the one who sows to his own flesh will from the flesh reap corruption, but the one who sows to the Spirit will from the Spirit reap eternal life.
1 Timothy 5:8
But if anyone does not provide for his relatives, and especially for members of his household, he has denied the faith and is worse than an infidel
Quote:
Originally Posted by MadManofBethesda
There is no such thing as a rightful inheritance. No one has a right to an inheritance.
As hard as it may be for you to believe, not everyone on this planet is a Christian. You are welcome to your beliefs, but don't presume to ascribe them to, or force them on, anyone else.
If you want to continue to espouse your religious beliefs, the Christianity Forum is that way ------>
I received about 15 reps for my comment above; however, one gutless, anonymous person used the rep program to leave the following comment: "There is no mention of Christianity in his words, whatsoever. None. Zilch. Though he may be a Christian."
First of all, if you have something to say to me, say it here.
Secondly, allow me to correct you: The poster was quoting from chapters of the New Testament, which is part of the Christian Bible. So not only was your anonymous comment gutless, it was also both ignorant and idiotic.
Mostly it's because the Northwestern Mutual salesman got to me early in my career. But until may parents are gone, I want to keep it because a life insurance payout is not taxed, and the money would be a big help to them if I should die before they do.
Ok, I just wonder when I hear people who are older who get life insurance when they really don't need it to leave their survivors or they have no survivors.
Ok, I just wonder when I hear people who are older who get life insurance when they really don't need it to leave their survivors or they have no survivors.
The same thing happens in the military.
Everyone going through Boot Camp is strong armed into buying Life Insurance. During my 20 year career nearly every servicemember was paying into a $50k policy, even though most of them are not married and do not have children.
I’m confused. In the first paragraph DNA means everything — enough to cut out potential adopted grandchildren. Yet in the second paragraph, DNA means nothing. I guess you’re saying that DNA means you’re not entitled, but you might get something. But lack of DNA means you’re not entitled and for sure won’t get anything. Gosh, that would be a shame for me, who is adopted, and a boon for my brother, who isn’t.
No confusion. She (or he) put it in that adopted kids wouldn't get anything because she feared her son would marry the gold digger who had kids. After that relationship went sour and the son married an adopted woman she (or he) wants to take out that stipulation in case they adopt children. So it really wasn't lack of DNA so much as it was the g/f potential wife that was hated.
Ok, I just wonder when I hear people who are older who get life insurance when they really don't need it to leave their survivors or they have no survivors.
A lot of people get life insurance through work - even without paying for extra coverage, I've gotten my annual salary in life insurance in just about every job I've had. So if I didn't have people I'd want to leave money to, I would have made arrangement for a charitable bequest with it.
Everyone going through Boot Camp is strong armed into buying Life Insurance. During my 20 year career nearly every servicemember was paying into a $50k policy, even though most of them are not married and do not have children.
Yeah, when we were young we got that as well but we resisted. The only life insurance we had was on our first and only mortgage which the bank took and our jobs gave life insurance as part of the benefits that paid something like 2 1/2 * annual salary. Once we retired we find there is no need for life insurance either to leave anyone or for burial costs. I get angry though when I hear some insurance salesman talk some little old lady into a policy when she is sitting on quite a nest egg that she will never spend in her lifetime even if she got ill.
A lot of people get life insurance through work - even without paying for extra coverage, I've gotten my annual salary in life insurance in just about every job I've had. So if I didn't have people I'd want to leave money to, I would have made arrangement for a charitable bequest with it.
Yeah I get that, it is a great perk jobs give you, but to continue to pay premiums on a unnecessary policy to me is crazy. It is like every time I buy something and they ask me if I want an insurance policy on it. You only insure what you can't afford to lose. If you have kids and a wife and not much money you might want a good insurance policy in order that your wife and kids don't suffer financially with your death. Or even if you have a lot of money you might want one to provide for your children's education. If you have no kids or a wife (or anyone who may depend on you financially like parents) then you might only want one with enough money to bury you or if your job provides one you don't need any additional ones. I think many people are over insured. They have insurance at their jobs, then they have mortgage insurance, then they take out a ridiculously high life insurance policy all because some agent put the fear in them.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
