Leaving Money to Kids

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  #31  
Old 03-02-2020, 08:18 AM
Briand Briand is offline
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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.
  #32  
Old 03-02-2020, 08:18 AM
soniak4@gmail.com soniak4@gmail.com is offline
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Our estate planner has advised us to leave this earth bouncing our last check. We took her advice.
  #33  
Old 03-02-2020, 08:21 AM
chickyboots chickyboots is offline
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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.
  #34  
Old 03-02-2020, 08:30 AM
TandHSTAR@AOL.com TandHSTAR@AOL.com is offline
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Leaving them a better world. Now that would be the greatest inheritance we could leave them.
  #35  
Old 03-02-2020, 08:31 AM
Dave2000 Dave2000 is offline
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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.
  #36  
Old 03-02-2020, 08:32 AM
TandHSTAR@AOL.com TandHSTAR@AOL.com is offline
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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.
  #37  
Old 03-02-2020, 08:38 AM
J1ceasar J1ceasar is offline
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Default But why not call the other kids?

Quote:
Originally Posted by Travelingal702 View Post
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!
  #38  
Old 03-02-2020, 08:52 AM
mykvalentin mykvalentin is offline
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Quote:
Originally Posted by JoMar View Post
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."
  #39  
Old 03-02-2020, 09:08 AM
collie1228 collie1228 is offline
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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.
  #40  
Old 03-02-2020, 09:17 AM
Cubnut Cubnut is offline
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Default Leaving money to kids

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
  #41  
Old 03-02-2020, 09:49 AM
jswirs jswirs is offline
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Quote:
Originally Posted by JoMar View Post
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.
  #42  
Old 03-02-2020, 09:51 AM
rsibole rsibole is offline
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Default It’s only money, leave good memories too

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.
  #43  
Old 03-02-2020, 10:12 AM
Spalumbos62 Spalumbos62 is offline
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Harsh...
  #44  
Old 03-02-2020, 10:50 AM
ColdNoMore ColdNoMore is offline
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Quote:
Originally Posted by Spalumbos62 View Post
Harsh...
Agreed.

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?

Never mind, that was a silly thought, because that would take a self-acknowledgement...that their parenting was poor.
  #45  
Old 03-02-2020, 11:39 AM
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Kahuna32162 Kahuna32162 is offline
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Our son will get whatever is left....after travel, health issues, assisted living ect. ect. ect.
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kids, money, position, leave, leaving

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