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Old 01-12-2018, 01:12 PM   #51
coon007
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I will leave my daughter the main house along with the four acres it sits on she will also inherit 50% of the ranch and 75% of the cattle and other livestock, My son will get the ranch house and all the deer hunting rights plus 25% of my cattle ( being that he doesn't like to work cattle) my daughter loves it. And upon my death they shall both receive equal shares of the gas and oil royalties (also left to me by my parents) and My business shall be divided equally as well. Now the money I have Inherited from my parents I will spend and the money I have earned I will also spend. I have given my kids an education and I have given them anything they have ever wanted and will continue to do so as long as I shall live, but nowadays I find myself spending more money on myself and the wife.
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Old 01-12-2018, 01:15 PM   #52
Acameron52
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My great grandmother passed away last year at 96. Her and my great grandfather never made much but lived their entire life like it was the frat depression so had a good amount saved up before retirement. Paid for home, cars, even had their burial plots and funeral services paid for. My mom was only only child and every time great grandma had to spend a good amount of money on something she would apologize to my mom and tell her she’s sorry she’s spending her money, or wouldn’t buy things she really wanted because she wanted it to go to my mom. My folks both have good jobs and told her time and time again not to worry about them but she always did.


I have no idea what my brother and I will get when our folks are both gone, nor do I care. They’ve both worked their butts off their entire lives and I hope they travel the country and spend as much time as possible with the grandkids, just like my grandparents did with us. I have no idea what their finacanes are like but Dad always says “at the leaat y’all know you’re getting the house, I ain’t making no guarantees after that.”


As far as my kids go, they ain’t getting squat. I plan on spend every last time.
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Old 01-12-2018, 01:18 PM   #53
miket
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Quote:
Originally Posted by doublearrow View Post
Won't bother me a bit if my parents spend every dime before they pass. It's theirs, they earned it, they raised us they should enjoy their spoils.
Quote:
Originally Posted by LeonCountyRook View Post
Same way I feel. They earned it, they deserve to enjoy it. I'll earn my own way...
Yep. Been on my own since I was 17. They dont owe me a cent. Of course it doesnt matter either way, they dont have much anyway.

When I was younger I had hoped I would have a good piece of land to keep in the family when I passed, but that dream is all but dead. Land prices and a poor career/trade choice has made that impossible.
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Old 01-12-2018, 01:26 PM   #54
warrington
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You do it like one of our friends dad. They owned a vacation house and they set up a trust to pay for taxes, electricity, all expenses for the vacation house for years. And they put the vacation house in everybody in the family's name. That way you cannot be sold.
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Old 01-12-2018, 01:35 PM   #55
Codie
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I don't spend money on myself hardly at all, but spend plenty of it on my wife and kids, so I don't know why I would have any issue with all of it going to them AFTER I am dead just like it does now while I am alive
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Old 01-12-2018, 01:41 PM   #56
12RingKing
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I told my parents I want them to die with 0 in the bank. Enjoy what theyíve worked hard for!
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Old 01-12-2018, 01:43 PM   #57
bullets13
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I donít want anything from my parents. They can spend every last cent. My only wish is that they are able to provide for themselves until they die. My dad is fast approaching the time where my grandmotherís $$ runs out because she and my grandfather did not save well and planned poorly for the future. She has Alzheimerís, and is to the point where she needs expensive specialized care. Heís going to be in tight spot if she lives more than another 2-3 years. I donít want to end up in his situation, and I wouldnt want to put my kids in the situation where they need me to die so that they arenít put in a terrible financial situation.
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Old 01-12-2018, 02:16 PM   #58
Rush2Judge
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Quote:
Originally Posted by bullets13 View Post
I don’t want anything from my parents. They can spend every last cent. My only wish is that they are able to provide for themselves until they die. My dad is fast approaching the time where my grandmother’s $$ runs out because she and my grandfather did not save well and planned poorly for the future. She has Alzheimer’s, and is to the point where she needs expensive specialized care. He’s going to be in tight spot if she lives more than another 2-3 years. I don’t want to end up in his situation, and I wouldnt want to put my kids in the situation where they need me to die so that they aren’t put in a terrible financial situation.
^^^This^^^

After seeing what Alzheimers is doing to my wife's mother, I wish it on no one. Her greatest gift to my wife and her brother was she was a great saver and her money "should" last. Care is scary expensive. It changed my outlook on inheritance. Sure, I would like to leave a legacy. My wife and I hope to leave our land to the boys so they will always have a place to hunt; just as my parents plan to pass the family farm in Oklahoma down to my brothers and I. But after seeing how brutal getting old can be on savings, my greatest hope is we can pass with enough assets so my children never have to worry about how they were going to be able to afford to take care of us.
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Old 01-12-2018, 02:40 PM   #59
DaveC
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Originally Posted by Junkers88 View Post
I've got a life insurance policy that goes to my wife/daughter. If I live long enough to die of old age I plan on my last check bouncing. I've set my daughter up with college (GI Bill/savings accounts/college fund) and as an AFR recruiter I'm hoping to swing her towards the military for some added life-long benefits.

Speaking of going out in debt. When my grandfather passed away years ago he and grandmother had been saving $$ like it was.... well.... $$ I guess. Anyway when he kicked off gram had a lot of loot stored up and when she asked me what she should do with it my response was "Spend it! Go have some fun and live a little." After she died we were getting her financial affairs all in order and received a rather humorous shock. Gram had paid for all of her own funeral arrangements so we'd not have to worry about that. The shock was that she hit the dirt $400,000 in debt! She'd spent every last dime they saved over years and years and then took out a reverse mortgage on the lake house and spent that too. Sure hurt to lose that house on Lake Placid since we'd been there since the spring of 72 but man did she have a blast in her last few years.


God bless and happy hunting.
Richard.
Great story, sounds like she took your advice and ran with it!
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Old 01-12-2018, 03:11 PM   #60
jerp
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Intergenerational wealth can be a blessing or it can be a curse. One problem of being an an heir to a fortune is it can create the illusion that you don't have to do much with your life. Fear of being broke keeps most people working hard - knowing a big pot of $ is waiting takes away a lot of the incentive for some people. Slackers waiting around for someone to die are generally very unhappy and filled with self-loathing. Raising motivated kids with the work ethic to make a life for themselves is hard enough. Being really rich makes it harder. (that pesky human nature again!)
On the other hand, intergenerational wealth can be a blessing. It gives kids the option to pursue vocations they love and that give their life meaning without worrying about the dollars derived from their labor. Like many things I guess it depends on the character of the people involved
.
I know there are others on this forum in the financial services industry - any of us could give many examples both of the curse and blessing of great wealth.
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Old 01-12-2018, 03:21 PM   #61
jmac24
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Originally Posted by AgHntr10 View Post
I've told my parents and my wife tells hers the same. Spend as much as you can and if you want to leave anything give it to the grandkids for education. I plan to do the same with mine.
This is exactly what I did when my parents passed. Completely finished funding the kids TX Tomorrow Fund and then my brother, nephew and I went on an elk hunt. My dad always wanted to go and never did.
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Old 01-12-2018, 03:28 PM   #62
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I want my children to stand on my shoulders when I'm gone! What good is there in making them start out at the same place I did? Let my ceiling be their floor.

Imagine if you gave your grandchildren (or children) a home when they turned 21. This would enable them to break free from debt/Babylonian mindset. They could pursue work that they are gifted in, which ultimately does more good for life and society than living for a paycheck.

It would also enable them to save money and keep it in the family line. If every generation that followed continued in that tradition, nobody past you would ever owe a bank money again! Instead, you would be the foundation upon which inheritance and wealth could grow for every generation that followed. what a legacy that would leave in your family! the community!

Your name could be known for giving freely to those in need, the community, the church.

That's what I want! My parents/grandparents have very little and are unable to give to us now. I want to be able to initiate this for my family line going forward. it means sacrifice on my part, but abundance and wealth for those to come!

a good friend of mine received her inheritance from her parents in her 30's. her parents got to enjoy watching them be blessed by it. as a result, they are debt free and able to save money to buy a multi-million dollar business, bless the community, establish themselves as giving people. what an impact they are having! all because her parents gave what they could have spent on themselves.

Proverbs 13:22 A good man leaves an inheritance to his children’s children,
And the wealth of the sinner is stored up for the righteous.

Last edited by topshot; 01-12-2018 at 03:32 PM.
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Old 01-12-2018, 03:53 PM   #63
txpitdog
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My dad has told me, in no uncertain terms and on numerous occasions, that my inheritance will only be enough to cover the pine box to put him in and the shovel to dig the hole.


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Old 01-12-2018, 04:02 PM   #64
WCB
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When I die I don't think I'm gonna care where my money is/went...
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Old 01-12-2018, 04:08 PM   #65
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While not directly on point, whether you plan on leaving an inheritance or not, I would highly recommend talking to an attorney and getting an estate plan put together. Especially if you have young kids. Money does strange things to people, and I have seen countless families ruined while fighting over money. While an estate plan won't necessarily avoid this, it can help to avoid it. I am fairly confident everyone in this thread would rather their money go to their family instead of the attorney's fighting over the family money.
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Old 01-12-2018, 04:14 PM   #66
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Originally Posted by Radar View Post
Seems like most of the time when land or possessions is involved with an estate, the family falls apart and never talk again. It happened to my motherís side of the family and they were tight before my grandmotherís death. I never would have thought it, but only two of the seven siblings talk now. They are all close to 80 or older now and the fued started over a 50.00 garden tiller.

I have see it happen over and over in other families as well. Maybe a guy ought to just die broke with nothing. I donít know.
Yep, I've seen this break up a lot of families. Happened to my grandmother's family. Money can make people do stupid things. But so can pretty women and big bucks, so there's that
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Old 01-12-2018, 04:27 PM   #67
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I hope I can leave a pile of money for my kids and grandkids. I plan on enjoying my life and have been very blessed. My parents never made me take out student loans and provided a great upbringing for my siblings and myself. I hope to be able to do the same and would be happy to leave them a ton of money. We have 2 ranch properties that I don't see us selling anytime soon and hopefully they will stay in the family for generations as inheritance for the next generation. That being said.....I need to get busy over then next 20-25 years in order to leave them all the money I hope I can!
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Old 01-12-2018, 04:57 PM   #68
WildMatt84
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Iím a firefighter, my kids arenít going to be expecting a whole lot left after Iím gone
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Old 01-12-2018, 05:01 PM   #69
lovemylegacy
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Originally Posted by jer_james View Post
I have come to the realization that maybe my kids dont need to be left anything other than where I'm living at the time of my demise. Probably a couple vehicles as well.

Why not spend what I have worked for and made? Use the money to help my kids while I'm here and aid them in working towards a goal / dream.

I have no idea what my Mom and Dad will leave me money wise, but I really dont care either. I'd rather use that money that they think they may leave to create memories with them.
Exactly. My parents are dead set on leaving me something. I have tried and tried to tell them to spend it on themselves
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Old 01-12-2018, 05:18 PM   #70
BitBackShot
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Originally Posted by lovemylegacy View Post
Exactly. My parents are dead set on leaving me something. I have tried and tried to tell them to spend it on themselves
You guys have the same beliefs, just in the opposite direction. You want everything for your parents, and they want everything for you.

It's a sign of a strong relationship. Congrats.
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Old 01-12-2018, 05:41 PM   #71
Atfulldraw
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My parents saved their whole life and provided me with the opportunity to build on what they left me. I'm guessing that I still work a bit harder than the average guy, and spend less (relative to what I make). I'll be forever grateful to them for their sacrifices and for what they taught me about money.

The main gift I want to pass along to my daughter is the ability to manage whatever money she ends up with -- and I never want her to have to struggle through life (or marry the wrong guy to make ends meet.)
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Old 01-12-2018, 05:45 PM   #72
doghouse
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I'm trying to do as my parents did us kids. Little bit of land but very little cash.
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Old 01-12-2018, 05:47 PM   #73
Plainsman
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After pondering the pleasantries of this thread the best one so far is the ďashes in the feeder trickĒ. Donít worry about it.
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Old 01-12-2018, 05:52 PM   #74
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Originally Posted by Atfulldraw View Post
My parents saved their whole life and provided me with the opportunity to build on what they left me. I'm guessing that I still work a bit harder than the average guy, and spend less (relative to what I make). I'll be forever grateful to them for their sacrifices and for what they taught me about money.

The main gift I want to pass along to my daughter is the ability to manage whatever money she ends up with -- and I never want her to have to struggle through life (or marry the wrong guy to make ends meet.)


Quote:
Originally Posted by TildenHunter View Post
I hope I can leave a pile of money for my kids and grandkids. I plan on enjoying my life and have been very blessed. My parents never made me take out student loans and provided a great upbringing for my siblings and myself. I hope to be able to do the same and would be happy to leave them a ton of money. We have 2 ranch properties that I don't see us selling anytime soon and hopefully they will stay in the family for generations as inheritance for the next generation. That being said.....I need to get busy over then next 20-25 years in order to leave them all the money I hope I can!
I am going to leave my kids a large chunk of money and assets. My number one intent is for this to be a multi-generational gift that they pass on to their kids and grandkids.

I want to express to them not to blow it which won't be a problem with my son. He is tight just like me. My daughter, on the other hand, I am concerned about. Looking for the right moment to sit down and tell her what I want. The accounts must always grow by X amount per year. Anything above that spend to your heart's desire.

Last edited by Tbar; 01-12-2018 at 05:55 PM.
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Old 01-12-2018, 06:16 PM   #75
Landrover
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I have already told my parents to divide everything between my two older siblings. WE do plan to leave our only child set for the rest of her life.........and prayfully her children. To each his own on how this matter is handled but we tend to be very traditional.
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Old 01-12-2018, 06:18 PM   #76
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I didn't expect any more than my mom and dad did for me growing up. They provided every need with love even if they had to do without. They got to enjoy seeing my brother and I graduate (I was lucky), get jobs, get married and start families of our own. Before they passed away they told me that they had achieved all they wanted in life. My dad always said that he was going to leave here just like he came. With nothing but good memories. He held true to his word. I honestly hope that my children don't expect any more because I intend to do the same.
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Old 01-12-2018, 06:38 PM   #77
Landrover
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Quote:
Originally Posted by jerp View Post
Intergenerational wealth can be a blessing or it can be a curse. One problem of being an an heir to a fortune is it can create the illusion that you don't have to do much with your life. Fear of being broke keeps most people working hard - knowing a big pot of $ is waiting takes away a lot of the incentive for some people. Slackers waiting around for someone to die are generally very unhappy and filled with self-loathing. Raising motivated kids with the work ethic to make a life for themselves is hard enough. Being really rich makes it harder. (that pesky human nature again!)
On the other hand, intergenerational wealth can be a blessing. It gives kids the option to pursue vocations they love and that give their life meaning without worrying about the dollars derived from their labor. Like many things I guess it depends on the character of the people involved
.
I know there are others on this forum in the financial services industry - any of us could give many examples both of the curse and blessing of great wealth.
Quote:
Originally Posted by topshot View Post
I want my children to stand on my shoulders when I'm gone! What good is there in making them start out at the same place I did? Let my ceiling be their floor.

Imagine if you gave your grandchildren (or children) a home when they turned 21. This would enable them to break free from debt/Babylonian mindset. They could pursue work that they are gifted in, which ultimately does more good for life and society than living for a paycheck.

It would also enable them to save money and keep it in the family line. If every generation that followed continued in that tradition, nobody past you would ever owe a bank money again! Instead, you would be the foundation upon which inheritance and wealth could grow for every generation that followed. what a legacy that would leave in your family! the community!

Your name could be known for giving freely to those in need, the community, the church.

That's what I want! My parents/grandparents have very little and are unable to give to us now. I want to be able to initiate this for my family line going forward. it means sacrifice on my part, but abundance and wealth for those to come!

a good friend of mine received her inheritance from her parents in her 30's. her parents got to enjoy watching them be blessed by it. as a result, they are debt free and able to save money to buy a multi-million dollar business, bless the community, establish themselves as giving people. what an impact they are having! all because her parents gave what they could have spent on themselves.

Proverbs 13:22 A good man leaves an inheritance to his childrenís children,
And the wealth of the sinner is stored up for the righteous.
Thank YOU for saving me a lot of tying. My parents are the first to have a middle class existence in our family. My daughter has to continue to build that LEGACY of achievement and advancement. THanks to Dave Ramsey that has been instilled in her from 6 years of age. Now 20, in college away from home and sticks to the principles.
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Old 01-12-2018, 07:05 PM   #78
brokeno
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Wow. I was going to leave our kids a lot but now I'm going to start $pending it.
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Old 01-12-2018, 07:21 PM   #79
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wow. I was going to leave our kids a lot but now i'm going to start $pending it.
burn it up!!!!!!!!!!!!!!!!!
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Old 01-12-2018, 08:10 PM   #80
rut-ro
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My parents do not have much but if they do have millions I’d tell them to spend it. No reason for me to pay inheritance tax on something they left me that’s already been taxed. The tax system is a joke in situations like inheritance tax.

My daughter will get the house and the farm and whatever valuables we have.

I do not think texas has the inheritance tax but the federal estate tax is still in play

Last edited by rut-ro; 01-12-2018 at 08:13 PM.
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Old 01-12-2018, 08:34 PM   #81
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Originally Posted by Landrover View Post
I have already told my parents to divide everything between my two older siblings. WE do plan to leave our only child set for the rest of her life.........and prayfully her children. To each his own on how this matter is handled but we tend to be very traditional.
Pretty gracious of you, Oscar.
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Old 01-12-2018, 08:58 PM   #82
100%TtId
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I'm going out with nothing.
Like I came in.
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Old 01-12-2018, 09:04 PM   #83
Grayson
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Quote:
Originally Posted by TB80 View Post
While not directly on point, whether you plan on leaving an inheritance or not, I would highly recommend talking to an attorney and getting an estate plan put together. Especially if you have young kids. Money does strange things to people, and I have seen countless families ruined while fighting over money. While an estate plan won't necessarily avoid this, it can help to avoid it. I am fairly confident everyone in this thread would rather their money go to their family instead of the attorney's fighting over the family money.


You'd be amazed at the crap people will fight over.
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Old 01-12-2018, 09:09 PM   #84
kch73
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Some very interesting view points on this thread for sure...to each his own but leaving a legacy has been my goal since I held my first born 17 years ago. I want my children to be more successful, happier and have things better than what I had (and I had it pretty easy).

A legacy isn't just a large amount of cash or 1000's of acres (but that's nice). A legacy is family vacations, Holiday traditions, Church traditions, family heirlooms and our own children. After we are dead and gone, what our children do and accomplish is what people will remember. Spend a little more time with your sons and daughters, grandkids and great-kids. Everyone is looking for leader these days, step up and lead your families.
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Old 01-12-2018, 09:23 PM   #85
175gr7.62
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Default Inheritance

No one will remember you 20yrs after you are dead. If my wife goes before me im gonna spend it all on cocaine and whores. Iíll waste whatever is left.

I havenít thought about my great grandparents in 20 yrs. pretty sure my great grandkids wonít think about me.


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Old 01-12-2018, 09:27 PM   #86
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My Father in law started distributing belongings to my wife and I and my three Brother in law's right before his death. He told us the business, house and all remaining possessions were to be sold and divided evenly and all savings divided evenly at my Mother in law's death (she is going downhill and incapable of taking care of things). I told him he could leave it all to my Brother in law that is disabled and can't work. I told him the rest of us are doing fine and able to live pretty nice lives. He acted like it kind of hurt his feelings and it p***ed my other two Brother in law's off (They're both well off anyway). He went ahead and set it up his way but my Wife and I are going to distribute our part to my disabled Brother in law as he needs it. I hope to leave my kids with a fairly nice amount of what i have earned.

Last edited by CassCounty; 01-12-2018 at 09:36 PM. Reason: posted before finished
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Old 01-12-2018, 09:58 PM   #87
Chance Love
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I see a lot of talk about land and money. Here's my opinion on that from what I have seen...time and time again: If you have just one child, then leave them land if you want. If you have more than one child, leave $$.
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Old 01-12-2018, 10:21 PM   #88
SwampRanger
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Originally Posted by bphillips View Post
iíd rather be able to leave my kids millions. Doubt it will happen but i think if i ever had that much i could live a pretty awesome life without wasting it all on myself
dad!!
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Old 01-12-2018, 10:33 PM   #89
Froggy
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My Grandpa was born in 1898 and lived through the depression. Worked as a steel gang pusher in a refinery for 40 years.

He told me this as a young man. "If you don't leave your kids with anything else, leave them with a work ethic and you'll have done your job."
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Old 01-12-2018, 10:49 PM   #90
Kevin
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I will inherit nothing but debt from my parents if you are talking about financial gains. With that said, I will also have inherited everything that makes me a good man from them. I really hope to leave my boy with the opportunity for a great future. Lots of selfish people here and lots of grateful people also.
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Old 01-12-2018, 10:55 PM   #91
Sleepy
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As long as the classifieds stay open, my kids ain’t getting ****!

Really though, what my dad does with his is his business. He already said he’s not going to leave me and my brother anything except the house and whatever he owns. Totally fine.

Me on the other hand, I hope to have enough assets put away when my days come that I can pass it on to my kids and they will be able to enjoy it. Whether it buys them a house, car, sends them on a vacation, gets them out of debt, puts their kids through college, doesn’t matter.

I think if any of you have ever been a recipient of an inheritance, you’d understand the appreciation aspect of it which in turn will urge you to want to do the same.
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Old 01-12-2018, 11:06 PM   #92
tkuehn5410
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Great thread! As a landscaper and lawncare guy, I see lots of transitions...from the good families to the absolute worst where the homeless son/daughter moves in right after the parent dies and has to be evicted by court edict after the will is exercised and the house is gutted, which takes months! I'd like to hear some stories from realtors!!!!

I've also done maintenance on properties whose parents had a ranch and all the kids went out there with there families, but once the parents died, one sibling wanted to sell the ranch, or their portion, so it had to be divided and sold so she could get the home remodel she'd always wanted, because the other family members didn't have enough capital to buy her out.

I'm no lawyer, but I do see a lot of trusts formed with some of the estates...I've been meaning to research this, but haven't done this yet.
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Old 01-12-2018, 11:09 PM   #93
Black Ice
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Originally Posted by 175gr7.62 View Post
No one will remember you 20yrs after you are dead. If my wife goes before me im gonna spend it all on cocaine and whores. Iíll waste whatever is left.

I havenít thought about my great grandparents in 20 yrs. pretty sure my great grandkids wonít think about me.


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This is how you do it!

Itís funny you mentioned cocaine and whores because my wife always tells me before I go out with the guys that itís strippers and adderall only


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Old 01-12-2018, 11:42 PM   #94
tkuehn5410
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This is how you do it!

Itís funny you mentioned cocaine and whores because my wife always tells me before I go out with the guys that itís strippers and adderall only


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Dad gum! Your wife must be a millenial, because any mention of those are taboo in this household! Guess it goes full circle!

I also mention cocaine and hookers occasionally, and get hit *domestic abuse* #IMAVICTIM#?
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Old 01-12-2018, 11:48 PM   #95
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My dad reminds me constantly that he is spending my inherence. I tell him to spend away! I didnít earn it so he should get to enjoy it.


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Old 01-12-2018, 11:52 PM   #96
Black Ice
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Originally Posted by tkuehn5410 View Post
Dad gum! Your wife must be a millenial, because any mention of those are taboo in this household! Guess it goes full circle!



I also mention cocaine and hookers occasionally, and get hit *domestic abuse* #IMAVICTIM#?


My wife was born in the 70ís.


**** sheís old.


Time to upgrade!



















Said no man who wants to lose have his chit.





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Last edited by Black Ice; 01-12-2018 at 11:57 PM.
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Old 01-12-2018, 11:55 PM   #97
Burnadell
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Quote:
Originally Posted by Black Ice View Post
This is how you do it!

Itís funny you mentioned cocaine and whores because my wife always tells me before I go out with the guys that itís strippers and adderall only


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You have an understanding wife. I hope you are as understanding when your wife "visits" with your neighbor ladies while you are out galavanting around town!
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Old 01-12-2018, 11:59 PM   #98
Black Ice
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You have an understanding wife. I hope you are as understanding when your wife "visits" with your neighbor ladies while you are out galavanting around town!


If I come home to that I will call you for reinforcements.

I am but one man and couldnít handle 3 hot chicks at once.

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Last edited by Black Ice; 01-13-2018 at 12:08 AM.
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Old 01-13-2018, 12:00 AM   #99
curtintex
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Originally Posted by Burnadell View Post
You have an understanding wife. I hope you are as understanding when your wife "visits" with your neighbor ladies while you are out galavanting around town!
Speaking of inheritance.....here's Burnadell and he's leaving it all to me.
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Old 01-13-2018, 12:04 AM   #100
Black Ice
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Speaking of inheritance.....here's Burnadell and he's leaving it all to me.


No heís leaving it to Carlos.





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