Leaving Money to Kids

» Site Navigation
Home Page The Villages Maps The Villages Activities The Villages Clubs The Villages Book Healthcare Rentals Real Estate Section Classified Section The Villages Directory Home Improvement Site Guidelines Advertising Info Register Now Video Tutorials Frequently Asked Questions
» Newsletter Signup
» Premium Tower
» Advertisements
» Trending News
» Tower Sponsors




















» Premium Sponsors
» Banner Sponsors
» Advertisements
Closed Thread
Thread Tools
  #61  
Old 03-03-2020, 07:52 AM
Bay Kid's Avatar
Bay Kid Bay Kid is offline
Sage
Join Date: Feb 2013
Location: The Villages and the Northern Neck on the Chesapeake Bay, VA.
Posts: 3,736
Thanks: 699
Thanked 1,624 Times in 659 Posts
Default

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.
  #62  
Old 03-03-2020, 07:56 AM
Heyitsrick Heyitsrick is offline
Senior Member
Join Date: Feb 2012
Posts: 219
Thanks: 2
Thanked 274 Times in 115 Posts
Default

Quote:
Originally Posted by dewilson58 View Post
Life Insurance????..................
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
  #63  
Old 03-03-2020, 08:07 AM
Gigi3000 Gigi3000 is offline
Senior Member
Join Date: Dec 2017
Posts: 121
Thanks: 213
Thanked 34 Times in 23 Posts
Default

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.
  #64  
Old 03-03-2020, 08:07 AM
MandoMan MandoMan is offline
Veteran member
Join Date: Feb 2020
Location: Tierra del Sol
Posts: 738
Thanks: 1,112
Thanked 1,035 Times in 397 Posts
Default

Quote:
Originally Posted by collie1228 View Post
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.
  #65  
Old 03-03-2020, 08:18 AM
retiredguy123 retiredguy123 is offline
Sage
Join Date: Feb 2016
Posts: 6,482
Thanks: 671
Thanked 4,983 Times in 1,823 Posts
Default

Quote:
Originally Posted by Gigi3000 View Post
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.
  #66  
Old 03-03-2020, 08:31 AM
dewilson58's Avatar
dewilson58 dewilson58 is offline
Sage
Join Date: May 2013
Location: South of 466a, if you don't like me.......I live in Orlando.
Posts: 7,756
Thanks: 492
Thanked 4,772 Times in 1,819 Posts
Default

Quote:
Originally Posted by Heyitsrick View Post
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



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.


__________________
Mr. Helpful
  #67  
Old 03-03-2020, 09:15 AM
duffersue duffersue is offline
Junior Member
Join Date: Oct 2010
Posts: 9
Thanks: 75
Thanked 3 Times in 2 Posts
Default

Love it.
  #68  
Old 03-04-2020, 12:03 PM
Phoneman Phoneman is offline
Member
Join Date: Aug 2012
Posts: 56
Thanks: 1
Thanked 3 Times in 3 Posts
Default

Anyone ever willingly gifted their child with a portion of their inheritance while you are still able to watch them enjoy it?
  #69  
Old 03-04-2020, 12:10 PM
CFrance's Avatar
CFrance CFrance is offline
Sage
Join Date: Dec 2011
Location: Tamarind Grove/Monpazier, France
Posts: 13,961
Thanks: 370
Thanked 1,109 Times in 527 Posts
Default

Quote:
Originally Posted by Matthew Wag View Post
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.
__________________
It's harder to hate close up.
  #70  
Old 03-04-2020, 01:29 PM
Madelaine Amee's Avatar
Madelaine Amee Madelaine Amee is offline
Sage
Join Date: Sep 2011
Location: The Villages North
Posts: 3,980
Thanks: 897
Thanked 761 Times in 256 Posts
Default

Quote:
Originally Posted by Gigi3000 View Post
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

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.
__________________
A people free to choose will always choose peace.

Law of Logical Argument: Anything is possible if you don't know what you are talking about!

Since light travels faster than sound, some people appear bright until you hear them speak
  #71  
Old 03-04-2020, 01:37 PM
ColdNoMore ColdNoMore is offline
Sage
Join Date: Apr 2016
Location: Between 466 & 466A
Posts: 10,512
Thanks: 82
Thanked 1,493 Times in 672 Posts
Default

Quote:
Originally Posted by CFrance View Post
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.
  #72  
Old 03-04-2020, 03:26 PM
Villageswimmer Villageswimmer is offline
Platinum member
Join Date: Feb 2011
Posts: 1,866
Thanks: 2
Thanked 648 Times in 227 Posts
Default

Quote:
Originally Posted by Matthew Wag View Post
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.
  #73  
Old 03-04-2020, 03:37 PM
manaboutown's Avatar
manaboutown manaboutown is offline
Sage
Join Date: Aug 2009
Location: NJ, NM, SC, PA, DC, MD, VA, NY, CA, ID and finally FL.
Posts: 5,451
Thanks: 5,423
Thanked 2,204 Times in 793 Posts
Default

Quote:
Originally Posted by Villageswimmer View Post
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
__________________
"No one is more hated than he who speaks the truth." Plato

“To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine
  #74  
Old 03-04-2020, 03:41 PM
retiredguy123 retiredguy123 is offline
Sage
Join Date: Feb 2016
Posts: 6,482
Thanks: 671
Thanked 4,983 Times in 1,823 Posts
Default

Quote:
Originally Posted by manaboutown View Post
Would that apply to children like these two? Lyle and Erik Menendez - Wikipedia
I agree. To me, the term "unconditional love" does not seem logical. What about accountability?
  #75  
Old 03-04-2020, 03:51 PM
Rapscallion St Croix's Avatar
Rapscallion St Croix Rapscallion St Croix is offline
Platinum member
Join Date: Nov 2015
Location: TV..Ugly Golf Swing Capital of the World
Posts: 1,687
Thanks: 18
Thanked 585 Times in 218 Posts
Default

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".
__________________
What am I supposed to call my Plantation Shutters now?
Closed Thread

Tags
kids, money, position, leave, leaving

Thread Tools

You are viewing a new design of the TOTV site. Click here to revert to the old version.

All times are GMT -5. The time now is 11:20 AM.