Leaving Money to Kids

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  #1  
Old 03-01-2020, 09:51 AM
JoMar JoMar is offline
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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?
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  #2  
Old 03-01-2020, 09:52 AM
OrangeBlossomBaby OrangeBlossomBaby is offline
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It's your money. Leave it to whoever you want. Or don't leave it to anyone and let probate sort it out.
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Old 03-01-2020, 10:41 AM
Kirsten Lee Kirsten Lee is offline
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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.
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Old 03-01-2020, 11:22 AM
Two Bills Two Bills is offline
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I am taking it with me.
Just in case!
  #5  
Old 03-01-2020, 11:26 AM
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Quote:
Originally Posted by Two Bills View Post
I am taking it with me.
Just in case!
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  #6  
Old 03-01-2020, 11:34 AM
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This is a no brainer. Nobody owes an inheritance to anyone, including their children.
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Old 03-01-2020, 12:06 PM
TommyT TommyT is offline
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I'm taking it with me in the casket. Where I'm going I'll need it for ice water !!!!

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Old 03-01-2020, 12:07 PM
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I'm leaving everything to my daughter. She's the best thing that ever happened to me!
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  #9  
Old 03-01-2020, 12:39 PM
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Madelaine Amee Madelaine Amee is offline
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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.
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  #10  
Old 03-01-2020, 12:44 PM
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Maybe we should try leaving them a habitable world.....
  #11  
Old 03-01-2020, 12:45 PM
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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.
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  #12  
Old 03-01-2020, 01:07 PM
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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.
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Old 03-01-2020, 04:06 PM
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Life Insurance????..................
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  #14  
Old 03-01-2020, 04:13 PM
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Quote:
Originally Posted by dewilson58 View Post
Life Insurance????..................
You can say that again!

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!
  #15  
Old 03-01-2020, 04:22 PM
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My last $5 is going to my eldest grandson with instructions to tip the nurse with it.
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kids, money, position, leave, leaving

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