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re: Will you will more to your kids than you will inherit from your parents?
Posted on 4/10/14 at 8:30 am to Corkfather
Posted on 4/10/14 at 8:30 am to Corkfather
quote:
I seriously doubt that her financial situation when the time comes will have much bearing on what she inherits. If everything is supposed to be split evenly, you can bet she'll take her half, regardless of how well she's doing.
For most families' situations I would agree, but my sister and her family do so well compared to my family and my parents that anything she would stand to inherit from my parents, which would be pretty beneficial for me and my family, would to her basically be chicken scratch - pure throw away money. It's already been informally discussed and agreed upon (by all parties) that my parents will leave me the house, land, etc. Could things change? Sure, but unless something drastic happens I doubt it will.
Case in point - my sister wouldn't take a dime of the money my parents had put away for the sole purpose of helping to pay for her (ridiculously) expensive wedding.
This post was edited on 4/10/14 at 8:32 am
1
Posted on 4/10/14 at 8:33 am to EastcoastEER
My parents inherited their parents money, and spent it.
They told me that I'm getting -zero- from them.
So, I want to leave my kids something, heck, even if it's a stamp collection, it's better than what I got.
They told me that I'm getting -zero- from them.
So, I want to leave my kids something, heck, even if it's a stamp collection, it's better than what I got.
Posted on 4/10/14 at 8:52 am to 911Moto
quote:how? I'm curious. Tournaments and travel?
I blow about $30,000/yr. on karate for my kid
Posted on 4/10/14 at 8:54 am to East Coast Band
I've not read the responses so it may have been covered.
But your question is difficult to answer concisely.
I'm an only child. But I have 3 children.
Most of us being southerners we probably have agrarian roots. At this time, I don't know what my parents will inherit from my grand-parents. Most of which is old pasture and farm land. Land that now has a brand new interstate exit adjacent to several hundred acres of land that has now been rezoned industrial. My Grandfather my sell it and spend all the money in strips clubs. He is certainly entitled.
On the other end, what if the few acres of hunting land I own that also happens to be on the a Tuscaloosa shale zone starts producing revenue?
Can't tell you the end to a story that is still being written.
My goal is simply to give my children the education and means in which to support themselves. It isn't to compete with my own father.
But your question is difficult to answer concisely.
I'm an only child. But I have 3 children.
Most of us being southerners we probably have agrarian roots. At this time, I don't know what my parents will inherit from my grand-parents. Most of which is old pasture and farm land. Land that now has a brand new interstate exit adjacent to several hundred acres of land that has now been rezoned industrial. My Grandfather my sell it and spend all the money in strips clubs. He is certainly entitled.
On the other end, what if the few acres of hunting land I own that also happens to be on the a Tuscaloosa shale zone starts producing revenue?
Can't tell you the end to a story that is still being written.
My goal is simply to give my children the education and means in which to support themselves. It isn't to compete with my own father.
Posted on 4/10/14 at 8:59 am to East Coast Band
probably not, i am near retirement and after researching all costs involved in doing so, let alone enjoying life , i don't see a whole lot left at the end of the day
Posted on 4/10/14 at 9:04 am to SlowFlowPro
quote:
what teh frick
It could be done cheaper, of course. But we travel out of state to train with the top people and pay $75/hr. for lessons over skype (the 16 yr. old who trains my kid makes serious coin). Most of the expense is traveling for tournaments. We compete out of state 15-20 times/year, and we turn most of the trips into mini vacations. For example, if we are driving all the way to Chicago, we're going to spend a week there and hit all the top tourist sites. If we are flying to Anaheim, we're certainly hitting Disneyland for a couple days, etc. I know it is ridiculous, but it's the last kid I have at home (and he's the "good" one). I have major physical limitations due to back and neck problems, so I can't do stuff like fishing, golf, or riding motorcycles any more. So I'm enjoying my family life to the fullest. And it's good life experience for the kid (he's 14). I'm banking on the kid getting a full ride to LSU since he's a fricking genius like me, and he wants to be an engineer - so he won't need my money to survive when he's older.
ETA: My dad intended on leaving me and my two siblings a million each, but he got hit hard by Katrina and by declining interest rates. He used to live on interest alone, but post-Katrina he's had to dig deeply into his savings to support his baller lifestyle. When my kid moves on to college I'll start saving money for the future, but most of my disability income ends when I turn 65 (I'm 48 now). So if I live reasonably long, I'll need everything I have saved.
This post was edited on 4/10/14 at 9:14 am
Posted on 4/10/14 at 9:34 am to East Coast Band
One of my uncles is retired and from all outward appearances has serious coin at his disposal. When asked about his plans for his estate when he makes his exit from this world he replied "Hell, I don't have any money - I spent most of it on whiskey and wild women - pretty much wasted the rest of it!" 
Posted on 4/10/14 at 9:41 am to East Coast Band
Yes. I will leave more for my kids than I will inherit from my parents. I come from humble beginnings. However, I graduated from college, got a good job and continue to live frugally.
Posted on 4/10/14 at 9:49 am to FloridaMike
quote:
Yes just like my dad did, and his dad did before him. Family money shouldn't be spent, it should be passed on.
then what is the point? just to collect piles of cash?
Posted on 4/10/14 at 9:57 am to LSUFanNTX
quote:
Yes. My parents just left bills for us to pay
How are you responsible for your parents debts? I pray this is not the case, otherwise I will be pissed when my parents go. Both are flat broke with no savings or life insurance. Are you really responsible for your parents debts?
Posted on 4/10/14 at 10:14 am to East Coast Band
Anything is possible, but I expect that my kids will one day be very wealthy. On top of what I am saving, I expect, WAY down the road hopefully, to receive a large windfall, but doubt I would somehow spend most or all of it.
Posted on 4/10/14 at 11:59 am to East Coast Band
I don't have any idea what I will inherit from my parents but I will probably leave my kid with more.
Posted on 4/10/14 at 12:18 pm to FloridaMike
quote:
Yes just like my dad did, and his dad did before him. Family money shouldn't be spent, it should be passed on.
This. Both my parents inherited sizeable estates. They live comfortably, but are not spending money like crazy. They have never felt the need to keep up with the Jones' and have passed those values down to their children. Everything is paid for in cash and if you can't afford to buy it in cash (or on credit but pay off at end of month) then you can't afford it. Ive received a trust as well recently and have not touched the principle and hope never to really have to.
my future kids, If any should do well for themselves.
This post was edited on 4/10/14 at 12:19 pm
Posted on 4/10/14 at 12:20 pm to East Coast Band
quote:
Will you will more to your kids
The wife and I don't have any chilrin. Anybody looking for some step parents?
Posted on 4/10/14 at 1:00 pm to East Coast Band
I don't really know. I'm 20, my parents have four children and they both don't have the highest paying jobs. Grateful enough that they were able to provide. Daddy's side comes from a dirt poor blue collar family. Momma's side has a little money not much though. So I'm not really planning on it.
Posted on 4/10/14 at 1:04 pm to RonFNSwanson
quote:Security.
then what is the point? just to collect piles of cash?
I'm in the same boat with other posters and "family money". I've dipped into it a few times, but I've always replaced it. My plan is to take exactly what I've received and pass it to my kid, with a little bit added on top
So even though I will probably never be as financially successful as my father, I will be able to pass down as much as he did to me (at bare minimum)
This post was edited on 4/10/14 at 1:05 pm
Posted on 4/10/14 at 2:32 pm to East Coast Band
my kids will never have to work a day in their life is they so choose. the problem is to keep that information from them till they graduate college
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