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    #46
    My kids will get the house as their inheritance. After they sell it they can split the money. If there is anything left from the rest of what we have saved, they can have that too but I am not purposely saving it for them. We will help them if they ever need it along the way but not going to save money for them.

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      #47
      Originally posted by kingranch View Post
      thats what u think

      it always ends up in a family feud bc one wants to sell or doesnt approve of others use etc..
      Guess that is one advantage to having one child. He won't have anyone to agrue with. Like others said, most "kids" won't inheriate till they are in their 50s or later. It will help with their retirement.

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        #48
        My dad always talks about leaving us something and we tell him to live it up. He doesn't listen though as he's been a penny pincher since long before I was born.

        Whatever makes him happy I guess.

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          #49
          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 mother’s side of the family and they were tight before my grandmother’s 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 don’t know.

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            #50
            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 mother’s side of the family and they were tight before my grandmother’s 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 don’t know.
            So so true. I saw some of this out of my wife's family and now I think it's better to not leave anything at all. Then I read Proverbs 13:22 and I'm a little conflicted.

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              #51
              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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                #52
                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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                  #53
                  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.
                  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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                    #54
                    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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                      #55
                      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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                        #56
                        I told my parents I want them to die with 0 in the bank. Enjoy what they’ve worked hard for!

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                          #57
                          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.

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                            #58
                            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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                              #59
                              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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                                #60
                                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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