Since we are talking about death and money in some of these threads I thought I'd throw this out there. My take is that you should make your own way in the world. Took a moral and social issues class years ago and thought about inheritance and how old money perpetuates. I'm not saying don't help your kids out, but for God's sake spend every penny you have. You can't take it with you and there is an accountability that goes with growing up, so there's no free lunch....AS for what to do with the money, I'm not sure, but I'm sure there are plenty of worthy causes it could be gifted to. By the way, I'm 25 and have basically said as much to my parents.
Sometimes it just takes some extra money to help someone help themself (start a business, down payment on hous, etc.). Nothing wrong with that. But big inheritances and large concentrations of wealth are dangerous. Estate tax is a good thing -- nice incentive to gift to charity to charity.
I thought you where not married
The General said:
My Grandmother left me hundreds of acres of orange groves............
However, my uncle was supposed to oversee it and I didn't find out until years later. He basically tried to pull a fast one and claim that he had been paying the taxes for all of those years and had enough nerve to get a lawyer and send me some papers asking me to sign them all over for $2500, lol. Turns out he did end up with some of them as I had to work a deal since legally he actually DID cover the expenses of the taxes over those years, even though it was done purposely.......
I think it is short sighted to not think of future generations. While wealth is not everything, a family can really do a lot for their members by just leaving a little $$ so kids can avoid school loans, get assistance with down payments for homes, etc.
Then again, I had an economics professor who argued that the Japanese saved too much and he did believe that folks should have a goal of dying poor.
Then again, I had an economics professor who argued that the Japanese saved too much and he did believe that folks should have a goal of dying poor.
Interesting topic VT, and I think people's opinions on it are colored by their own situations. Those expecting a large inheritance think it's their god-given right and, like JJ says, have already figured out ways to spend it. Read The Testament by John Grisham - really gives you a flavor of greedy heirs.
On the other hand, those who expect either no inheritance or a modest one aren't too keen on the concept. That's human nature.
The other concept like this is whether you believe there should be an estate tax and, if so, where it should kick in. Most people think it should kick in at levels just above their own asset values.
I have seen examples where inheritances have freed up people to explore their passions or goals (i.e. working mom becomes stay at home b/c her inheritance permits her to quit work; or starting a business that would be too risky without some cushion to fall back on.)
On the other hand, inheritances are sometimes like throwing a rock to a drowning swimmer. It only makes their downfall more painful.
On the other hand, those who expect either no inheritance or a modest one aren't too keen on the concept. That's human nature.
The other concept like this is whether you believe there should be an estate tax and, if so, where it should kick in. Most people think it should kick in at levels just above their own asset values.
I have seen examples where inheritances have freed up people to explore their passions or goals (i.e. working mom becomes stay at home b/c her inheritance permits her to quit work; or starting a business that would be too risky without some cushion to fall back on.)
On the other hand, inheritances are sometimes like throwing a rock to a drowning swimmer. It only makes their downfall more painful.
Someone once pointed out an interesting trend that seems to be true more often than not...one generation builds the wealth, the next maintains it and the next pisses it away, and the cycle repeats.
It's also amazing how many family wars there are on inheritance issues...sad really. I wonder if it was always like this or is it just a 20th-21st century phenomenon!?
It's also amazing how many family wars there are on inheritance issues...sad really. I wonder if it was always like this or is it just a 20th-21st century phenomenon!?
Doc,
I guess you are probably right about what people expect as a reason to either support or not support inheritance. I myself will do fine, but I've always been a bit of a selfless person when it comes to that.
I also understand the arguments of those who say that the inheritance frees you up to do some things that you otherwise wouldn't. That may be true, but there's no reason that someone can't make it on there own.
Family members with their hands out make me sick. Those who fight with siblings and end up not speaking over something like this is beyond sad. If there was no question about inheritance, that you wouldn't receive it, people would concentrate on enjoying their money and kids would concentrate on making their own way in the world.
I guess you are probably right about what people expect as a reason to either support or not support inheritance. I myself will do fine, but I've always been a bit of a selfless person when it comes to that.
I also understand the arguments of those who say that the inheritance frees you up to do some things that you otherwise wouldn't. That may be true, but there's no reason that someone can't make it on there own.
Family members with their hands out make me sick. Those who fight with siblings and end up not speaking over something like this is beyond sad. If there was no question about inheritance, that you wouldn't receive it, people would concentrate on enjoying their money and kids would concentrate on making their own way in the world.
