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I was just telling my kids that I plan to spend every red cent before I die. If my parents are generous enough to leave me anything, I am going to spend that too. They'll be lucky to get a used care and some furniture.
On another board there was a thread about some people asking others opinions on paying for college and giving money to their adult children. the mentioned something like planning to give each kid $100,000 to help them. They refereed to it as extra money. Huh? Take you "extra" money and buy a cruise around the world, a new Lamborghini, or just give it to me. What the heck is extra money?
Should I go first, my wife will retain all my income but lose her Social Security, per se, because mine is more. She'd retain the house and all our possessions but my best guess is that she'd sell and move back to California where her children are. Either way we'd each be fine.
Curmudge, I'm not sure but I think a spouse gets all of her own SS or half (not all!) of her husband's whichever is greater. Am I correct or did I read the SS rules wrong?
worring doesnt solve anything it only stresses you out ,remember Alfred E. Newman......What Me Worry?
I can agree with that by adding one word to it: Worring alone doesn't solve anything; it only stresses you out. But if the worrying leads to action to address the source of the worry, then that eliminates the stress and pays huge dividends down the road.
you can live like a king just everything you have belong to the creditors. Look at Trump at once point of his life his net asset is neg., if he die at that time i would call die broke.
President Jefferson, Madison if i remember correctly after his death they had sell all estate to pay creditors
Quote:
Originally Posted by texdav
The rpoblem with plannig to die broke si that you are proably going to live in poverty the last years of your life .
you can live like a king just everything you have belong to the creditors. Look at Trump at once point of his life his net asset is neg., if he die at that time i would call die broke.
President Jefferson, Madison if i remember correctly after his death they had sell all estate to pay creditors
his corporate balance sheet may be negative but i bet his personal one is very very different.
The problem with planning to die broke is that you are probably going to live in poverty the last years of your life .
Obviously its a fine line. I think the gist is not to plan on dying with a major part of your portfolio untouched, especially if it is planned for no purpose but leaving it to your kids. Either plan to utilize it for your own purposes or give it to your kids now so you can see them enjoy it.
My dad came into a few hundred thousand dollars a couple of years back. he had a modest pension from the USPS, but now he is able to buy and do things he couldn't before. He didn't go hog wild, but spent some of it on extravagances (for him) like a new TV, new furniture, new truck, etc. He also planned for the future, like putting enough away for a new truck in 10 years, got some dental work done, etc. He gave me and my sister each a significant amount and continues to give us a little here and there. He just enjoys being able to help us out a little and it has helped with braces for the kids, some home improvements, etc. He is happy to do it.
My grandmother on my moms side is a millionaire. Owns 8 rental houses, owns a condo in Hawaii, a 3500 SQ house in the swank part of town, and sold her business and another condo in Hawaii recently. She never gives it away. It just sits there. When she dies she will have the whole estate liquidated and given to here surviving children (my aunt died a couple of years back). She will die a rich woman, but she worked until she was 88 and has never really enjoyed her wealth. She would go to Hawaii and spend a week hanging wall paper and painting her condos. She could have retired in style, but just never did. Now she is bitter and angry and way too old to enjoy her money and while my mom and uncle could have benefited greatly from gifts, she never gave them anything and never did anything with it. She will never enjoy that money, neither will she see anyone else enjoy it.
I think those examples personify the Die Broke idea. I will not shower my kids with extravagant gifts, but I will help them out as needed, to get through a rough spot, whatever. But we will definitely enjoy our modest retirement and we won't leave a fortune behind.
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