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Well actually I have inherited a paid off home. And it
was sold immediately. You must realize if you have
raised self reliant children, they may not even live in
the same town you do, or even want to pay the taxes
on it. And, hopefully you won't drop dead in this housing
decline, as your child might be strapped with paying
taxes on a home that will not sell
You use words like "owe him" which your right. Legally
you owe him nothing.
But, this thread is about "wealthy parents", not just
one who has one single home as their portfolio
Don't get me wrong, that is the American way of
thinking - " my children will get what I have when
I die, what's left of it".
I just don't happen to feel that way.
I'm sharing the wealth while I am alive, and well
after I'm gone.
Now, if one has raised children that can't wait
until you drop dead to get at your cash, or
you think they are poisoning your coffee
when they come and visit,
well that's a whole different story
And, I guess there is a difference from old money,
new money, or no money folks.
Those "I'm spending my children's inheritance
T-shirts" are really stupid.
Because, passing it on, has more leverage
Meh...inherited wealth is overrated.
Again, i'm not being selfish. My son is driving a brand new Chevy Cobalt that i paid for. I pay for his cellphone. And i'm still paying for his apartment (for now).
He graduated from college in December, and i paid every single dime of that too! He's now a gentleman and a scholar. He's received a pretty good deal if you ask me. Take your ass out into the world and get what's yours!!
Now, it's ME time. I'm just a regular working class dude (my wife does a bit better....it's good to marry UP), and i'm not about to pinch a penny to give to an already fairly spoiled kid after my death. For what?
My home might magically lose value, but so what? It's still paid for (or will be by that time), and regardless of taxes will put a substantial amount of money in his pocket that he can use to give his children what i gave him. That IS inherited wealth in my book. If that's not enough, then tough *****. But that's all he's got coming from me because believe me when i tell you, we're striving to spend it ALL before we go!
After my Father passed in the 80's he was always the breadwinner, and made very good money, well exceptional money. And i feel that my Dad thought that after he was no longer here, that my mom would not be able to follow his example because to him he was the breadwinner.
Well i don't know what my Mother did, and how she knew how to invest her money wisely, she will be gone now only 2 years in May, and i miss her so much. However she fooled everyone, knew how to save and how to invest. Each of my cibilings, there are only 3 of us, received a hefty inheritance. More then we each thought. I am grateful to her, and her love for each of us. But in no way this amount of money can equal to what my Mother meant to me, i miss her so much.
She was smarter then any of us possibly thought. I wish that i could do the same for each of my children, but not sure.
Things are tougher now, even if you make decent money, times have changed, sometimes i feel we should go back to a simpler easier lifestyle.
Good on the parents that are finally enjoying the fruits of their efforts. Those that have something to spend most likely worked and saved all their lives. As long as they provided for their children when they were children, ensured that they had roof over their heads and got them at least through high school, they have done thier job, and deserve a shout-out for doing so. It's time they got out and enjoyed themselves.
Too many of today's kids are absolutely spoiled, they feel like not just the parents, but the world owes them everything their little hearts desire. I will grant you, this is often the parents fault. They have provided their kids every want, from cars, to fancy phones, and stylish cloths, all their lives. In all too many cases, kids have learned that all they have to do is ask, and their every desire is handed to them.
Time for some of these children to actually grow into adulthood. We have far too many 20-somethings that act like 13 year olds.
Having said that, of course this isn't universal. There are plenty of young adults that have gone out and worked, paid their own way though college and made something for themselves. To those that have done so-well done.
But in no way this amount of money can equal to what my Mother meant to me, i miss her so much.
She was smarter then any of us possibly thought. I wish that i could do the same for each of my children, but not sure.
Of course money won't do that, it never does. She wanted to insure the best that she could, that you and your siblings would have a safety net, even after she was gone. Doesn't mean she didn't think you could not make it on your own. Simply that she had that "family network" mentality. Hopefully, you can/will do the same for your children, and then, they for their children, and so on.
So, you are deliberately going to be an impulse spender just to make sure you leave nothing but a home standing, for your next generation?
I think that is very sad.
They've earned it, they can spend it any way they want. I know, a foreign concept to the liberals who think that they're entitled to other people's money.
I think it's sad that you think parents should sacrifice, and not spend their OWN hard earned money because the next generation can't do the same.
They've earned it, they can spend it any way they want. I know, a foreign concept to the liberals who think that they're entitled to other people's money.
I think it's sad that you think parents should sacrifice, and not spend their OWN hard earned money because the next generation can't do the same.
Seems to me that it is the "liberals" on here who are arguing against inheritance "entitlement" while certain well known conservatives are arguing that we have a duty to hand down an inheritance.
My parents already told me that when they pass away, there will be nothing for me except their huge debt... Too bad for debtors, debts cannot be inherited (as long as I didn't cosign anything)... I plan to leave a little something for my future children... but I do plan to spend the bulk of it :P I am going to give my children more than any inheritance can give... love and guidance...
Of course money won't do that, it never does. She wanted to insure the best that she could, that you and your siblings would have a safety net, even after she was gone. Doesn't mean she didn't think you could not make it on your own. Simply that she had that "family network" mentality. Hopefully, you can/will do the same for your children, and then, they for their children, and so on.
That is really what it is all about
Your so misinterpeting this. Not what i mean at all. We were not expecting to get what we got, we are so grateful. I know we can make it on our own, we each of us kids, are above average in salary and living pretty good lives.
She had more then a mentality, she was so smart and wise in the things she learned, my Mother is my hero, for so many reasons.
Hopefully we can do the same for our children, but things are already different, economy down, housing down, values of home plummening, risky to invest with who we have in office. Things are so not the same is what i am trying to say too. I know what it is all about i think i know my Mother very well.
Oh and by the way, this has not a thing to do, with earning your own money, we do this already, never wanted or asked anyone for antyhing, However how lovely it is, when you do have Parents or a Parents, who knew just what to do, to save for their chidlren, and still lived a good life, i applaud my Mother, or anyone elses who are able to do this in this day and age.
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