Leaving Money to Kids

[JoMar]

Many have kidded about spending our kids inheritance but Marie Osmond has said that she will not leave any money to her kids. I know of several that have also taken that position.........what you think?

[OrangeBlossomBaby]

It's your money. Leave it to whoever you want. Or don't leave it to anyone and let probate sort it out.

[Kirsten Lee]

I have been telling my parents (who are divorced) for years to spend their money. I am not expecting anything from either of them. Sadly, they are 83 years old now and in many ways unable to enjoy their savings. It is hard for them to travel and even going out to dinner can be a slow difficult time. They both wish they would have done more even 5 years ago. Enjoy yourself while you have the health to do it.

[Two Bills]

I am taking it with me.
Just in case!

[villagetinker]

I am taking it with me.
Just in case!

:1rotfl::1rotfl::1rotfl::1rotfl::1rotfl:

[retiredguy123]

This is a no brainer. Nobody owes an inheritance to anyone, including their children.

[TommyT]

I'm taking it with me in the casket. Where I'm going I'll need it for ice water !!!!

:ohdear:

[New Englander]

I'm leaving everything to my daughter. She's the best thing that ever happened to me!

[Madelaine Amee]

I have two incredible boys and they get half each right down the middle and they know it. They have never, ever been a problem, they work their "buns" off to provide for their children and they may have to take care of one of us ............. no one deserves it more than they do.

[kansasr]

Maybe we should try leaving them a habitable world.....

[dewilson58]

Leaving them nice amounts, but not enough to make them lazy or forget the value of money. There are a lot of need out there.

[Heyitsrick]

I don't have kids, so obviously this doesn't apply to me. But my thought is that unless the children are disabled in some way and they are otherwise able-bodied adults, I wouldn't worry about their inheritance. If they absolutely need help, of course you should help them. That said, I don't define "need" as making up for stupid decisions like living beyond one's means and getting into debt. Better get that second job!

You've presumably worked your life so you could enjoy retirement. Why should you deny yourself the pleasures of such? There's most likely going to be an estate of some sort when you pass away (home, other assets, etc.). I just find it annoying to hear about people that essentially live their lives for their kids' benefit, while not being able to enjoy the fruits of their own life long labors. It's their choice, of course.

One of the best ways to provide for the kids while still spending your own retirement funds for your life is through life insurance. It's tax-free to them when they are the beneficiaries, and it frees up your own income/assets to spend on yourself. It would probably have to be something other than TERM, since - as I understand it - many term policies don't continue to cover after 80 years of age.

[dewilson58]

Life Insurance????..................barf

[Nucky]

Life Insurance????..................barf

You can say that again! :1rotfl:

We hooked up the kids while we are still here with a little taste so we can see what they do with it. The one who does best will be please he acted the most responsibly. The second one will be less pleased than the first one and the third one well he'll wanna dig me up or glue the ashes together and murderlize me. Heaven To Mergatroids! :1rotfl: :pray:

[Marathon Man]

My last $5 is going to my eldest grandson with instructions to tip the nurse with it.

[ColdNoMore]

My children have been told from the time they were old enough to understand, and many times since, that my attitude is..."May the last check bounce." :D

I want them working for everything...and not to expect a cent.


They are going to be very shocked, that it was simply me...playing my last joke on them. :ho:





Equally, because I couldn't even imagine that kind of manipulation, or them thinking...one was loved more than the others. :ohdear:

[kcrazorbackfan]

I have two incredible boys and they get half each right down the middle and they know it. They have never, ever been a problem, they work their "buns" off to provide for their children and they may have to take care of one of us ............. no one deserves it more than they do.

Same here. I have a son that is with the KCPD Street Narcotics Unit SWAT Team and a daughter that is an Associate Professor at Arkansas Tech University working on her PHd; both have always been straight arrow solid gold, are great parents and rarely have ever asked for anything.

I grew up poor so I made it a point to work hard all my life (and still do), save and invest as much as much as I could (and still do) so my kids and grandkids would have things I never did.

[patfla06]

I plan on leaving our Son (an only child) everything.
He is successful and very astute with money.
He’s always been a wonderful Son and will be responsible.
We set up college funds for our granddaughters.

[CFrance]

I have two incredible boys and they get half each right down the middle and they know it. They have never, ever been a problem, they work their "buns" off to provide for their children and they may have to take care of one of us ............. no one deserves it more than they do.
Same here. Our two boys worked hard and do not squander their earnings. They are a delight to us.

[raney3099]

I say whatever is left after you enjoy your life to the fullest absolutely. I hear too many people who don’t want to spend money and are only interested in paying off their house and saving for their their kids to have. I will do whatever I choose enjoy my life, do a reverse mortgage if I have to, and then and only then will they get the balance. Been working since I’m a teenager and nothing was ever handed to me so pretty much that’s how I see it.

[rjn5656]

I am enjoying every cent I have, traveling while I am healthy, etc. But whatever is left, I will happily leave to my kids but have made arrangements that they don't get it until they turn 50.

[Matthew Wag]

years past it was the responsibility of the children to take care of their elderly in society. Today kids are lazy wont work and expect things for nothing.. Screw them I am leaving my ungrateful misguided child nothing!

[Mmarr]

Leave wisdom.. enjoy your cash..but have a plan..

[Lynndise]

I enjoy myself every day, eating out, vacations, shopping, etc, etc. I’ve been blessed with best kids who mean the world to me. I’m leaving it all to them!

[Bandb875]

We are a split family with 3 children (38 to 51) that were raised with values. As regards to money they are fiscally responsible and thrifty. They do not take on debt without the intent to repay. All three are doing well, none have asked us for any money help. So,, yes we will leave them resources and fully expect that they will use the assets to their advantage.

[prettyw102@aol.com]

We have been blessed with a daughter and two sons who are loving, successful and responsible. Real go getters: a bigwig at a major corporation, an attorney and a CPA. First grandchild on the way this summer! All assets will be split three ways, maybe with some provisions for the grandchild (grandchildren).

[billethkid]

Our estate plans do not include managing how much could be left.
Whatever is left gets split equally among remaining children.

[lorilorilori]

:bigbow:Many have kidded about spending our kids inheritance but Marie Osmond has said that she will not leave any money to her kids. I know of several that have also taken that position.........what you think?

[golfing eagles]

Maybe we should try leaving them a habitable world.....

This world has been "habitable" for most of its 4.1 billion year history. I don't think our children have much to worry about.

[Travelingal702]

It's your money. Leave it to whoever you want. Or don't leave it to anyone and let probate sort it out.
My kids don't need the money. The remainder of whatever I have will go to the 5 grand kids (out of 15) who make it a habit to call me; check in; ask how I'm doing, etc. on a regular basis. They also call, text and otherwise acknowledge any gifts I've given them. The rest? Oh, well.

[Briand]

I feel I have given all I can to my kids with an excellent education, formation of values and a caring personalities. They each ‘do their own thing and enjoy a responsible life. That’s what we are happy to leave our kids - invaluable gifts - not money.

[soniak4@gmail.com]

Our estate planner has advised us to leave this earth bouncing our last check. We took her advice.

[chickyboots]

I will never forget going to the bank to draw out the little bit of money that my grandmother left me when I turned 18. Spend what you like and leave the rest to the grandchildren or great-grandchildren, they’ll never forget.

[TandHSTAR@AOL.com]

Leaving them a better world. Now that would be the greatest inheritance we could leave them.

[Dave2000]

In my case, my concern is, will I run out of money before I run out of health. If the later happens my kid are welcome to it.

[TandHSTAR@AOL.com]

I am leaving enough to take care of my burial expenses and the rest I want a Celebration of Life with food, drink, laughter and story telling.

[J1ceasar]

My kids don't need the money. The remainder of whatever I have will go to the 5 grand kids (out of 15) who make it a habit to call me; check in; ask how I'm doing, etc. on a regular basis. They also call, text and otherwise acknowledge any gifts I've given them. The rest? Oh, well.

Don't be sore, you can pick up the phone!

[mykvalentin]

Many have kidded about spending our kids inheritance but Marie Osmond has said that she will not leave any money to her kids. I know of several that have also taken that position.........what you think?
Lucky us, no kids. I arrived into this world naked, hungry and crying. And I'm leaving nothing behind except hopefully laughter from everybody. Whenever I can make just one person laugh, especially my wife, then I'm a happy man. ~myk

"Don't take life so serious; none of us gonna make it out of here alive."

[collie1228]

I'm concerned that neither of my kids will be able to afford the great retirement I've had, and I've planned for them to inherit enough to get them to a point where they might just be able to retire in comfort. They both have retirement savings, but are far behind where I was at their ages. Hopefully they will listen to the "free advice" that I've given them about how to handle the money, which is to pay off all non-mortgage debt, then to conservatively invest it all of it in low cost index funds and inexpensive bond funds. It worked for me, and hopefully it will work for them too.

[Cubnut]

I couldn’t disagree more!
We are leaving the next generation with huge national debt and global climate change and terrible health care. It will be more difficult for them to prosper and take care of my grandchildren. I am working hard to make sure that I can leave an inheritance to help them all I can. They are my kids. I had better opportunities than they will

[jswirs]

Many have kidded about spending our kids inheritance but Marie Osmond has said that she will not leave any money to her kids. I know of several that have also taken that position.........what you think?
As you can see from the various responses, much of this decision is based on the behavior, past and present, of the children involved. We have real estates assets, etc., we intend to leave our children. Beyond that I'm not concerned. We worked hard for what we have and if we decide to spend it all on enjoying our retirement, so be it.

[rsibole]

Be cautious about leaving an inheritance to grandchildren. There is a little known “generation skipping tax” on large estates. Another consideration would be to “gift” annual payments of the allowable $15K to your heirs over several years to reduce the size and possible tax burden of a large inheritance. Leaving appreciated stock instead of cash has a tremendous tax advantage too. Sizable estates need legal guidance regardless, lesser one’s make little difference in what is done or how.

[Spalumbos62]

Harsh...

[ColdNoMore]

Harsh...

Agreed. :ohdear:

Although using an inheritance to manipulate/punish certainly isn't new, I personally can't fathom the hardheartedness...it takes to do it.

I also can't help but wonder, if the ones who complain about how their adult children turned out ever stop and take a moment to ask if maybe it isn't all that particular child's fault...but in the way they were individually treated/raised? :oops:

Never mind, that was a silly thought, because that would take a self-acknowledgement...that their parenting was poor. :ohdear:

[Kahuna32162]

Our son will get whatever is left....after travel, health issues, assisted living ect. ect. ect.

[Jaggy]

This whole thread makes me sad.. for various reasons..

[hrenner]

Ostrich

[Villageswimmer]

This whole thread makes me sad.. for various reasons..


Me too.
Recommend reading “Beyond the Grave.”

[davem4616]

Many have kidded about spending our kids inheritance but Marie Osmond has said that she will not leave any money to her kids. I know of several that have also taken that position.........what you think?

If there is anything left after my wife and I have fully enjoyed having the time of our lives....the kids will get what's left....but the split won't be even-steven...those that have gone out of their way to stay in touch and have taught our grandchildren to write 'thank you notes' get the lion's share

[Nucky]

If there is anything left after my wife and I have fully enjoyed having the time of our lives....the kids will get what's left....but the split won't be even-steven...those that have gone out of their way to stay in touch and have taught our grandchildren to write 'thank you notes' get the lion's share

I couldn't agree more. Each person has a different set of parental skills. Judging others about that skill set is clearly Bulling and Guessing.

It your money leave it to who you want the way you like. :pray:

[Two Bills]

I still like the will reading where the lawyer read to the very needy, greedy waiting children.

Beeing of sound mind and body, your mother and I have spent the lot, the jewelry was sold years ago, and the house was reposessed by the bank ..............and we never did get married!

[NavyVet]

I kind of wonder WHY she isn't leaving anything to her kids. Her net worth is $20-$24 million. With their luck, she'll give it all to her church.
We never had kids, but we have nieces/nephews, 2 on each side of the family. 2 have always been good to us, acknowledged our gifts over the years with a thank you, the other 2 ... (sounds of crickets.) Guess which 2 are getting whatever is left of our estate.
They were raised right. The other side, not so much.
Karma has no menu. You get served what you deserve. :-)

[jebartle]

I am taking it with me.
Just in case!

Both of us promised to write each other a check, so we can take it with us! Giggle snort!

[ColdNoMore]

Both of us promised to write each other a check, so we can take it with us! Giggle snort!

Love it! :1rotfl: :1rotfl: :1rotfl:

[wwwson]

We wanted to see any inheritance enjoyed By our kids while we are still here to enjoy seeing the impact it had. We were told to enjoy it ourselves and boy have we.
PS You’ll never see a u-haul behind a hearse.

[mpstrang]

I'm leaving everything to my daughter. She's the best thing that ever happened to me!

My husband and I only have one child and that is our daughter. I agree with you that we are leaving everything to her; however, it is easy because we only have one child and don't have to worry about sibling rivalry. That said, I do intend to retire early and enjoy the fruit of my labor but she can definitely have whatever is left over in my retirement account. Also, the life insurance is hers. She is an excellent daughter and I couldn't have prayed for a better child. So glad we had her!

[ColdNoMore]

This whole thread makes me sad.. for various reasons..

Me too.

Recommend reading “Beyond the Grave.”


:agree:

[manaboutown]

A dear friend of mine died at age 66 suddenly and unexpectedly two years ago. She and I used to discuss from time to time how she could best set up her estate plan. She had given it a lot of thought and tweaked it from time to time over the years. Her eldest child was a daughter from her first marriage who had treated my friend like crap for all of the the 27 years I had known her. She had two sons from her second marriage who had turned out fine and were part of her life in every way. She had finally decided to leave the lousy daughter $10K and split the remainder of her estate between her two sons as 50-50 as she could manage. When her will was read her awful daughter got up and walked out when she heard what she got. Karma is a bitch, and a well deserved one in this case. lol.

One of the sons had recently married a woman whose father is an attorney. The daughter-in-law is now stirring the pot alleging that her husband did not get enough.

I cannot lose this creepy feeling I have that my friend had a premonition she was going to die. Over the last year she had too frequently for comfort wanted to discuss with me her estate plan in detail. She kept reviewing it with her financial planner and attorney, too.

[MollyJo]

I couldn’t disagree more!
We are leaving the next generation with huge national debt and global climate change and terrible health care. It will be more difficult for them to prosper and take care of my grandchildren. I am working hard to make sure that I can leave an inheritance to help them all I can. They are my kids. I had better opportunities than they will

You hit the nail on the head!

[Two Bills]

Best will ever.

Being of sound mind and body your mother and I have spent it all.
All the gold and jewellery was sold years ago.
The house was reposessed by the bank, and we owe $2.5 million in back taxes.
If you had ever bothered to see or contact us while we were alive, you would have known all this.

PS. Your mother and I were never married!

[Bay Kid]

All my children have worked hard, saved and built a life for themselves. My parents taught me and I taught my children. Everything I have left will go to the benefit of the future of my family. No guilt, just love.

[Heyitsrick]

Life Insurance????..................barf

Life Insurance disbursements are tax free. When you pass, your beneficiaries get the cash without the taxes, unlike other inheritances. Plus, there are other benefits to you, as well. Ed Slott explains: CPA Ed Slott on Tax Free Retirement Using Life Insurance - YouTube (https://youtu.be/jBPyuENmHcU)

[Gigi3000]

Interesting thread. I am getting ready to change my will, giving each of my two children $15000 per year for the remainder of their life, paid in one lump sum yearly. After their death, the remaining funds will then be paid to the grandchildren, the same way. Anyone have any thoughts on this? I havent talked with an attorney on this yet as I have an undetermined inheritance coming to me still so really dont know what my total estate might be.

[MandoMan]

I'm concerned that neither of my kids will be able to afford the great retirement I've had, and I've planned for them to inherit enough to get them to a point where they might just be able to retire in comfort. They both have retirement savings, but are far behind where I was at their ages. Hopefully they will listen to the "free advice" that I've given them about how to handle the money, which is to pay off all non-mortgage debt, then to conservatively invest it all of it in low cost index funds and inexpensive bond funds. It worked for me, and hopefully it will work for them too.

I agree with collie1228. I close on my new house in The Villages in a few weeks, and the only reason I can afford it is because my job came with a great retirement plan in mutual funds that kept on growing. I can live on Social Security and 4% of my retirement funds a year and pay for life in TV for decades. My kids have good educations and are great people, but their jobs don’t come with retirement plans, and they don’t pay very well. I’ll be splitting my funds between them when I go, leaving them each a similar retirement plan, not so they will be rich, but so that they can retire on about as much as they had before they retired. That lets me sleep better, without worrying about their future.

[retiredguy123]

Interesting thread. I am getting ready to change my will, giving each of my two children $15000 per year for the remainder of their life, paid in one lump sum yearly. After their death, the remaining funds will then be paid to the grandchildren, the same way. Anyone have any thoughts on this? I havent talked with an attorney on this yet as I have an undetermined inheritance coming to me still so really dont know what my total estate might be.
Based on your post, I don't think you can accomplish what you want in a will. You will need a trust and a trustee who will manage the money efficiently, and not skim off a lot of management fees, taxes, and other fees. I would evaluate the cost to set up a trust and have it managed for many years. It may not be worth the cost.

[dewilson58]

Life Insurance disbursements are tax free. When you pass, your beneficiaries get the cash without the taxes, unlike other inheritances. Plus, there are other benefits to you, as well. Ed Slott explains: CPA Ed Slott on Tax Free Retirement Using Life Insurance - YouTube (https://youtu.be/jBPyuENmHcU)




Eddie is selling books and seminars.


The IRS exempts estates of less than $11.4 million from the tax in 2019 and $11.58 million in 2020, so few people actually end up paying it. Plus, that exemption is per person, so a married couple could double it. The IRS taxes estates above that threshold at rates of up to 40%.


Married couples with +$20,000,000 are not using insurance to protect a majority of they wealth.


:ohdear:

[duffersue]

Love it.

[Phoneman]

Anyone ever willingly gifted their child with a portion of their inheritance while you are still able to watch them enjoy it?

[CFrance]

years past it was the responsibility of the children to take care of their elderly in society. Today kids are lazy wont work and expect things for nothing.. Screw them I am leaving my ungrateful misguided child nothing!
I'm sorry you have an ungrateful, misguided child, and I'm also sorry you're making a blanket statement about everybody else's kids.


Or maybe you're kidding or trolling.

[Madelaine Amee]

Interesting thread. I am getting ready to change my will, giving each of my two children $15000 per year for the remainder of their life, paid in one lump sum yearly. After their death, the remaining funds will then be paid to the grandchildren, the same way. Anyone have any thoughts on this? I havent talked with an attorney on this yet as I have an undetermined inheritance coming to me still so really dont know what my total estate might be.

I believe you need to speak with an Elder Attorney, this is a good link to Attorneys who practice Elder law here in TV : The Villages, FL Elder Law Firms | Lawyers.com (https://www.lawyers.com/elder-law/the-villages/florida/law-firms/)

Before we set up our trust and wills I went to many seminars which were very enlightening on the problems people make for themselves when they try to make their own wills etc. One of the main things which I took home from all of these seminars was only leave your estate to your rightful heirs, i.e. the children of the marriage. The reason being is that should there be a divorce, the -in-law can ask for and receive half of your son's/daughter's inheritance. We were also told not to leave money to grandchildren as it is their parents place to take care of their own children. There are many intricacies to leaving money and a good Elder lawyer will steer you in the right direction.

[ColdNoMore]

I'm sorry you have an ungrateful, misguided child, and I'm also sorry you're making a blanket statement about everybody else's kids.


Or maybe you're kidding or trolling.

:agree:

[Villageswimmer]

years past it was the responsibility of the children to take care of their elderly in society. Today kids are lazy wont work and expect things for nothing.. Screw them I am leaving my ungrateful misguided child nothing!


Sad that you feel this way.

We are believers in unconditional love.

[manaboutown]

Sad that you feel this way.

We are believers in unconditional love.

Would that apply to children like these two? Lyle and Erik Menendez - Wikipedia (https://en.wikipedia.org/wiki/Lyle_and_Erik_Menendez)

[retiredguy123]

Would that apply to children like these two? Lyle and Erik Menendez - Wikipedia (https://en.wikipedia.org/wiki/Lyle_and_Erik_Menendez)
I agree. To me, the term "unconditional love" does not seem logical. What about accountability?

[Rapscallion St Croix]

My children are in their 50s and have made us extremely proud. They are both retired military, one is a combat vet, all their children are college grads with good careers except my youngest grandchild who just got a full ride to a great university. They both married great guys and have successful long-lived marriages. They call us often as do the grandchildren. Of course they will inherit our estate. That doesn't mean we are denying ourselves toys and luxuries in order to provide for them. We all play a role in how our children turn out so if yours is an ungrateful misguided bum, perhaps you should contemplate the guided part of "misguided".

[Madelaine Amee]

My children are in their 50s and have made us extremely proud. They are both retired military, one is a combat vet, all their children are college grads with good careers except my youngest grandchild who just got a full ride to a great university. They both married great guys and have successful long-lived marriages. They call us often as do the grandchildren. Of course they will inherit our estate. That doesn't mean we are denying ourselves toys and luxuries in order to provide for them. We all play a role in how our children turn out so if yours is an ungrateful misguided bum, perhaps you should contemplate the guided part of "misguided".

Great post Rapscallion. Our Children Are Our Greatest Mirrors, I don't know who quoted this, but I agree with it.

[CWGUY]

Would that apply to children like these two? Lyle and Erik Menendez - Wikipedia (https://en.wikipedia.org/wiki/Lyle_and_Erik_Menendez)

:rolleyes: I feel sorry for them..... they are orphans. ;)

[Villageswimmer]

Would that apply to children like these two? Lyle and Erik Menendez - Wikipedia (https://en.wikipedia.org/wiki/Lyle_and_Erik_Menendez)

Ok, ok. I’ll make an exception for the Menendez brothers. And Charlie Manson.

[manaboutown]

Ok, ok. I’ll make an exception for the Menendez brothers. And Charlie Manson.

How about Lizzie Borden, Jeffrey Dahmer, Ted Bundy, Ted Kaczynsky...I could go on.

[600th Photo Sq]

She talks a good line. Mormons do not allow make-up etc. etc. Marie has make-up, surgery incl. lips, boobs , all a bunch of talking from both sides of her mouth. Typical " Drama " .

[Topspinmo]

Life Insurance????..................barf

Agree
Lots of people got screwed or screwed out of life insurance. Does anybody remember the prudential scams in the 90’s? Lots of whole life insurance companies stole money and sold out and the new company that won’t honor the policy you signed up and paid for.

[Topspinmo]

Life Insurance disbursements are tax free. When you pass, your beneficiaries get the cash without the taxes, unlike other inheritances. Plus, there are other benefits to you, as well. Ed Slott explains: CPA Ed Slott on Tax Free Retirement Using Life Insurance - YouTube (https://youtu.be/jBPyuENmHcU)

It depends on the company and how much money they can Sidon off.

[Topspinmo]

I still like the will reading where the lawyer read to the very needy, greedy waiting children.

Beeing of sound mind and body, your mother and I have spent the lot, the jewelry was sold years ago, and the house was reposessed by the bank ..............and we never did get married!

Lawyers, that says it all