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I've seen a few deaths result in family squabbling over the money and it was a little disheartening to see what money can do to civility among adults. For one friend, the fight over his money took precedence to getting him buried.
I have another friend who has done well for himself. Being a financial professional, he was able to amass quite a comfortable nest egg for himself and despite having this, continues to work even though he acknowledges that he won't use all his money (I'm not sure where the logic is in him continuing to work).
Since his 2 children are adults with children of their own, he feels that he doesn't want to burden them with an inheritance which would be very much like winning a lottery and potentially causing undue attention from "friends" in need of money and potentially getting into other trouble.
He has decided to set up annuities for them to help them without giving them large sums of cash (ie whoo I got $300k, let me buy a Ferrari). Any money left over above the annuities will be donated to charity.
I wondered if very many people looked that far ahead in their financial planning. I know I don't.. and it might cause some of that money fighting, though I would hope my kids are better than that.
"Burden them" with a lottery-like inheritance?? Burden me, PLEASE! As far as "undue attention from friends" hitting them up for money....who would know about it unless they were foolish enough to brag about their inheritance? At any rate, I like the idea of an annuity and might borrow that idea if there's any money left when I'm getting ready to croak. I have no kids and will probably have no siblings when I go (I'm younger and healthier), so it's charity or the whichever niece or nephew steps up to be my helper after I go to assisted living. I have about 30 years to worry about that, so I'll figure it out.
Wills are a necessity. We did ours several years ago and will be redoing them again in a couple more years. Usually money is only a minor issue. Relatives are more likely to fight about possessions. Any major items should also be included in the will.
He has decided to set up annuities for them to help them without giving them large sums of cash (ie whoo I got $300k, let me buy a Ferrari). Any money left over above the annuities will be donated to charity.
WOW! I hadn't thought of that. I don't want to leave a bunch of money to my only daughter because I'm sure she'd just blow it. She's made a mess of her life, and instant money wouldn't help. Never thought about an annuity to divvy it out in small pieces. I'll have to check into doing this. Thanks.
I like the annuity angle as well. We have bno kids and I also like the idea of rewarding the niece/nephew who steps up to help, Will definitely keep that in mind.................
Never thought about that but an annuity is the perfect answer.
When the last of my parents passed my brother just liquidated everything and divided it by 5 and we all got equal shares. There was never any issues or arguments.
I would say though that 2 sisters would have been better off with an annuity rather than a fat check.
Neither "invested" but rather "spent" that money.
Never thought about that but an annuity is the perfect answer.
When the last of my parents passed my brother just liquidated everything and divided it by 5 and we all got equal shares. There was never any issues or arguments.
I would say though that 2 sisters would have been better off with an annuity rather than a fat check.
Neither "invested" but rather "spent" that money.
I wonder if the irresponsible individuals can sell their beneficiary rights in exchange for lump cash. I hear ads from the companies that will do this with disability and settlement payouts.
Then set up your assets in a trust handled by an attorney or bank. Set up the trust so it dribbles out the proceeds of the trust over decades if you're worried about how your heirs will spend their inheritance.
Never thought about that but an annuity is the perfect answer.
When the last of my parents passed my brother just liquidated everything and divided it by 5 and we all got equal shares. There was never any issues or arguments.
I would say though that 2 sisters would have been better off with an annuity rather than a fat check.
Neither "invested" but rather "spent" that money.
When the last of us goes the estate will be liquidated and split seven ways (that many children between us). I guarantee that no one will get a fat check. When that day comes I doubt we'll what each of them gets or does with it.
..... When that day comes I doubt we'll (care) what each of them gets or does with it.
Now there is a happy thought. You have earned your user name.
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