Inheritance

[Pstraw]

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.

[Landrover]

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.

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.

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.

[brokeno]

Wow. I was going to leave our kids a lot but now I'm going to start $pending it.

[Kbar]

wow. I was going to leave our kids a lot but now i'm going to start $pending it.

burn it up!!!!!!!!!!!!!!!!!

[rut-ro]

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

[Grayson]

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.

[100%TtId]

I'm going out with nothing.
Like I came in.

[Grayson]

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.

[kch73]

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.

[175gr7.62]

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. I’ll waste whatever is left.

I haven’t thought about my great grandparents in 20 yrs. pretty sure my great grandkids won’t think about me.


Sent from my iPhone using Tapatalk

[CassCounty]

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.

[Chance Love]

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 $$.

[SwampRanger]

i’d 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!!

[Froggy]

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."

[Kevin]

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.