[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]

Originally Posted by dewilson58

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

[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]

Originally Posted by 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.

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]

Originally Posted by 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.

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]

Originally Posted by Heyitsrick

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.

[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]

Originally Posted by 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!

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]

Originally Posted by 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.

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.

[ColdNoMore]

Originally Posted by CFrance

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.

[Villageswimmer]

Originally Posted by 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!

Sad that you feel this way.

We are believers in unconditional love.

[manaboutown]

Originally Posted by Villageswimmer

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

[retiredguy123]

Originally Posted by manaboutown

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?

[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".