Who here has a net worth of 2 Million or more? Single or partner?

[athena53]

Originally Posted by Grlzrl

I am curious what people with large estates and no heirs plan to do with their estates? Anyone want to say? Do you have wills in place?

Before DH died we put everything but the IRAs in a trust in my name since he was 15 years older and unlikely to outlive me. It was carefully written to state what would happen if either of us died and I haven't had it updated since DH died in late 2016 because I;d rather spend the $$ on travel and not lawyers. I know I need to update it.

As it stands, a little goes to my church and then everything else goes to DS, my only child who's now 34, and it's kept in the trust with periodic disbursements. My brother, a CPA, would be the trustee and DS can choose to become one if he wants to. My main concern is that DS gives generously to his church and I want to make sure he keeps enough that he and DDIL can retire comfortably. My brother is also a devout Christian and has lots of money but still manages to enjoy some of it, including a lake house and a new Tesla. I figure he'll give DS some perspective.

[mathjak107]

Originally Posted by oregonwoodsmoke

A partner who is onboard with the financial plan is a huge boost to the ability to accumulate wealth.


A divorce is a very quick way to destroy wealth, so if you have a partner, treat them right.


A partner who thinks that the only reason to earn money is to have more to spend and quicker, is going to be a hindrance in life, and that might be the situation where it pays to take the financial hit of a divorce and start over.

i always say , take a picture of everything you own ...then rip it in half ... there is a good chance in a divorce that is your share . but many times in equitable distribution states equitable does not mean equal .

[lottamoxie]

Originally Posted by Grlzrl

I am curious what people with large estates and no heirs plan to do with their estates? Anyone want to say? Do you have wills in place?

I'm of the opinion it's important for everyone with an estate of any size to have a will so their remaining assets will be bequeathed according to their wishes and not left up to the state to decide.

Specifically for people with no heirs, they may still have some family and other people who will be included as a beneficiary. In addition, common bequests for estate distribution include charitable organizations, educational foundations and/or endowments, community organizations, medical endowments...the list of options is plentiful.

Those with huge estates (think >$100M level) might have their own foundations and/or choose to fund others' foundations.

[toosie]

looks like this topic is tapped out. We have a travel forum and an exercise/fitness forum for those of you who’d like to continue your discussions elsewhere.