Do you plan on leaving money to your kids?

5,703 Views | 54 Replies | Last: 7 yr ago by Duncan Idaho
atag
How long do you want to ignore this user?
AG
I realized the other day I have no clue how my mom would want to be buried or cremated if she passed so we had this discussion. Turns out her and her husband don't have a will. This surprised me because they are both very responsible and they have a lot tied up in assets. Long story short her husband has no kids and can't make up his mind what he wants to leave to his nieces.

I was telling this to my future mil and she was saying if we had it our way we won't leave a penny behind. They will have their home and boat and cars etc but she wants to spend every penny because they earned it.

I don't really care either way....just that I always assumed most people want to leave stuff to their kids. I thought that was the norm. Just curious about the opinion of the masses.
GigEmBevo
How long do you want to ignore this user?
Spend it
abram97
How long do you want to ignore this user?
AG
screw you kids! It's mine! Earn your own!
No material on this site is intended to be a substitute for professional medical advice, diagnosis or treatment. See full Medical Disclaimer.
Geralt of Rivia
How long do you want to ignore this user?
S
Depends on if they are **** ups or not
Swarely
How long do you want to ignore this user?
What kids?
EVA3
How long do you want to ignore this user?
AG
No. The Feds take it all and give it to other people's kids.
Floorguy
How long do you want to ignore this user?
They can sell the land when I'm gone. I'm going to be having some fun with my cash!
haircut
How long do you want to ignore this user?
AG
Ill leave it all to my nieces, nephews some cousins and Godchildren
Dad-O-Lot
How long do you want to ignore this user?
AG
I don't plan to leave them any debt, so I suppose I will leave them some money -- probably not very much though.
Ragoo
How long do you want to ignore this user?
AG
Absolutely. It is called a legacy and something our famiky wealth planner is helping us with.
sek92
How long do you want to ignore this user?
AG
Hopefully I will have grandkids and that is who I will leave it too
Ragoo
How long do you want to ignore this user?
AG
quote:
Hopefully I will have grandkids and that is who I will leave it too
this is actually a better idea. By time you die your kids should be well on their way and would have to pay a lot in taxes. Your grandkids less so.
histag10
How long do you want to ignore this user?
AG
My parents have a binder where they have planned their funerals (caskets, songs played when, pall bearers, etc). I believe they have money set aside for costs, and if not, it will be fine.

Also, I believe most of their money will be willed to charities.


Just a quick note though, a will won't help with funeral plans/costs, as there is typically at least a 30 day wait before reading the will and opening probate after a person has passed. It's bestate to have their wishes made known to their children or a friend that they believe will carry out those wishes.
BenTheGoodAg
How long do you want to ignore this user?
AG
quote:
Absolutely. It is called a legacy and something our famiky wealth planner is helping us with.


This.
Bob Loblaws Law Blog
How long do you want to ignore this user?
AG
I'll pay for their school, they can get whatever I don't blow on stupid **** after that.
Rutedown
How long do you want to ignore this user?
Told the inlaws to live it up. We don't expect them to leave us anything. They have money set aside for funeral and burial. They also have set aside money for my sons college. Outside of that it will be their property that they leave behind that we'll make money from. My wife and I are in agreement that we just want our parents to enjoy life and if there's nothing left we're OK with that.
mrad85
How long do you want to ignore this user?
AG
Irrevocable life trust. They couldn't afford the taxes. I don't want them to HAVE to sell the properties.
Tatem
How long do you want to ignore this user?
I keep trying to get my parents to take my older dead-beat sister out of the will
more for me
chipotle
How long do you want to ignore this user?
I going to have everything converted to cash, hidden in some remote area and send my children off an elaborate scavenger hunt to find it. Winner take all. It will be comical like City Slickers 2: the legend of Curlys Gold.
treetop flyer
How long do you want to ignore this user?
He will learn the value of hard work and hopefully make it on his own. He won't know what my balance sheet looks like until I'm gone.
atag
How long do you want to ignore this user?
AG
Yeah my mom and i spoke of their burial wishes. A lot depends on who dies first though. My mom will probably outlive him by 20 years due to age difference (8 years) good genetics and good health. My mom's side tend to make it to 90. If they die together they want to be buried together. If she dies 20 years later she wants to be cremated. Weird discussion to have with your mom but necessary. It's just me and my brother and we are much closer than they are.

I wanna be cremated myself and so does my s.o. I told him if he dies first I'll make jewelry out of him.
proudest member of the fightin texas aggie class of 2005.
chipotle
How long do you want to ignore this user?
quote:
I told him if he dies first I'll make jewelry out of him.


Go on
george92
How long do you want to ignore this user?
We will leave them some but not much. Maybe limit to $1.5 million each in today's dollars. Probably half after they reach 25 and the other half after the reach 35. We want to give them enough so that they are comfortable but not enough to keep them from having to make their own way. Plus it would be a shame for them to have to go down in lifestyle after they are out of college and living on their own. They will receive the balance of what's left of our estate tax exclusion at our deaths with the balance going into our family Foundation so that we don't pay any estate taxes. They can always draw a salary from the foundation if they ever need additional cash without having to get a real job. You just don't want to spoil them and we will try to make sure that doesn't happen.
eeinhouston
How long do you want to ignore this user?
My parents are in a tough spot, because if they leave us kids an equal inheritance, my brother will likely kill himself on a drug overdose with it.
Kashchei
How long do you want to ignore this user?
AG
Your MIL sounds like a true baby boomer...
Dad
How long do you want to ignore this user?
AG
62strat
How long do you want to ignore this user?
AG
I like all of you assume you know how much you'll have when you die and whether or not it will go to kids.

So tell me, when exactly are you dying?

My grandma just died at 96. You think you'll have money left if you live to 96? Hah.
Buck Compton
How long do you want to ignore this user?
AG
quote:
I like all of you assume you know how much you'll have when you die and whether or not it will go to kids.

So tell me, when exactly are you dying?

My grandma just died at 96. You think you'll have money left if you live to 96? Hah.
Yes. I fully expect to have money left no matter when I die. My income won't stop when I retire.
Ragoo
How long do you want to ignore this user?
AG
quote:
I like all of you assume you know how much you'll have when you die and whether or not it will go to kids.

So tell me, when exactly are you dying?

My grandma just died at 96. You think you'll have money left if you live to 96? Hah.
what about assets? Land, real estate, doesn't have to be cash.

But to answer your question about cash, it is all about long term planning. Starting early and building your nest egg so that you live off of retirement income instead of burning down savings.

Income could be stock yield, it could be rent from real estate, etc.

Note: I have not decided if I will open 529 plans for my twins. That will be a conversation with my planner as the due date gets closer. I would rather take care of myself and worry about college later. There are many ways to pay for college and cash savings in only one of them.
45-70Ag
How long do you want to ignore this user?
AG
My wife's great grandfather was a medical doctor and did very well for himself. He purchased land all over the hill country and various other places in Texas. Her and her brother each inherited two hundred acre tracts of land with hers being being between Fredericksburg and kerrville.

The only issue is there are another fifteen properties that she is involved with through a trust and it's her and her brother plus another 17 cousins that own the land. It's a total cluster and most of it needs to be sold. But getting all of them on the same page is an ordeal. So far they've sold six but tracking these guys down every year for property taxes gets old and somehow I get to do that.

Her great grandfather provided us with a great deal and made our first house purchase possible but the land as it passes down through generations is a job.
Smee
How long do you want to ignore this user?
45-70Ag
How long do you want to ignore this user?
AG
Well to be honest, I didn't know what the hell to say there. It was early and thought sounds ok although it's not that big.
FIDO*98*
How long do you want to ignore this user?
AG
Our retirement target is about 3 million so yes our kids will inherit a ton of dough as long as they prove to be responsible adults. If we live long enough, we'll start gifting long before we're gone.
Ginormus Ag
How long do you want to ignore this user?
AG
My Inlaws are well off from inheritance. My parents were set before the Eagleford happened. I know everything with them is set for after their deaths. My parents are in their early 70's but I don't see them going anytime soon. My wife and I both have substantial retirement accounts and substantial insurance policies. We are in our mid 30's.

Why do I tell you this?

I was thinking about what happens if I don't make it to my retirement age goal of 70. My wife would be set to make it without me, and that give me peace.

But, I will be damned if she married some ahole and all my hard work goes to pay for her new husbands boner pills!
IrishTxAggie
How long do you want to ignore this user?
AG
I know everything about my parents' finances because my dad can't trust my mom with the info (not that she's untrustworthy, she just knows nothing about the finances). My brother and I get everything split 50/50. Liquidate all assets and divvy out the cash. All business interests will be maintained at 50/50 (royalties on some projects from our family company). Dad says we, as kids, sacrificed just as much as they did while we were growing up because he travelled for a living and we didn't get the same amount of family time as other kids. Now we make up for it in the backend and he has no intent of spending anywhere near all of the money.
Page 1 of 2
 
×
subscribe Verify your student status
See Subscription Benefits
Trial only available to users who have never subscribed or participated in a previous trial.