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    Whatever you choose to do I think you owe it to your kids to tell them what your exact plan is before its too late. Just so you can see how they react and what effect it will have on them. It will have consequences.

    I went to college with 3 brothers and a sister. Known them since 1988. We have been great friends since. One of them lives down the street from me. Basically family watching our kids grow up together.

    When they were very young their Dad ran off on their mother. Up and left Houston, moved to Kansas City with the new gal. The oldest brother never got over it since he had to take over Dad's role. The four of them became very tight and always looked after each other. Their Mom was a teacher at the time so they had a rough transition for a few years. They all turned out ok and eventually allowed their Dad back in their lives to some extent. The oldest not so much but they eventually said their peace.

    Dad gets terminal cancer. Has 6 months to live. One by one they went to say their goodbyes. Oldest called a few times but never went to see him. He passes.

    The 4 of them went to the funeral. A day or so later the attorney went over the will with the four of them. The wife got the house but there was a substantial amount of money that was there for the 4 of them.

    Dad decided to split the cash up by three, leaving the oldest nothing. Zero.

    All hell broke loose. These guys are like to fight guys. They calm down and leave. Over the next few weeks the three ($$) of them tried to come up with trying to fix this/make it right. Sister wont budge giving in anything. This goes back and forth. Spouses got involved. I got to hear all of it.

    This last Christmas was the first time in 4 years they were able to get together as a family. Still at each others throats. No fun for anyone and I doubt it will ever get better.

    The oldest came over for a beer afterwards. He said it was never really about the money (he does fine) it was about Dad breaking it off in his rear one last time and his siblings not getting his back and the effect it has taken on their mother. She has had to live through Dad destroying the family again.

    He said if his Dad just would have told him his plan he would have been just fine with it and saved the $$ he wasted flying up there for his funeral.

    Comment


      Originally posted by RdRdrFan View Post
      True but most won't do that. Most on this thread won't have enough to support themselves in old age. That is evident by the comments.

      But it doesn't mean that everyone HAS to live their life that way. To each their own.
      I think you may be misinterpreting some comments. Nobody with any sense wants to burden their children. Their comments are a euphamism for enjoying their hard earned money instead of miserly hoarding it for the benefit of their heirs.

      Comment


        Inheritance

        I’m more worried about not having to work into my 60’s. I’m 37 now, but like many TBH’rs, I would love to have some land of my own. I’m diligent about retirement, college accounts, kids car accounts. I have a few rentals that I’ve thought selling a few times to buy land, but that isn’t the plan. Once I retire, I plan to enjoy it. I won’t go out in a blaze, but would love it if my kids have something that is left over. Hopefully, some assets I’ve collected over the years. I would love for them to be in a position to be ahead of the game instead of working their life away.


        Sent from my iPhone using Tapatalk

        Comment


          Years ago my dad signed over his land he bought to my sister and I. It’s in our name and he still pays the taxes on it. I thought it was really cool but he also sent my sister and I to college debt free so I was already grateful. My dad isn’t perfect but I give credit where credit is due!

          Comment


            Originally posted by TxAg View Post
            I think you may be misinterpreting some comments. Nobody with any sense wants to burden their children. Their comments are a euphamism for enjoying their hard earned money instead of miserly hoarding it for the benefit of their heirs.


            I think some mean it like you are interpreting it. And nobody is going to say they want to burden their children out loud. But I work in an industry where I deal with people and their money every single day. I can't tell you how many people say "it's my money and I want the last check I write to bounce." I point out that there is no way to know when that last day will be or what expenses will come up between now and then. You'd be shocked at how many people have the attitude that they don't care if they end up being a burden on their kids. "I took care of them when they were growing up and they can take care of me if my money runs out," is a common comment.

            Self-centered or ignorant. It's one of those two things if you are in the "die broke" crowd.

            Comment


              Originally posted by bowhuntertx View Post
              I’m more worried about not having to work into my 60’s. I’m 37 now, but like many TBH’rs, I would love to have some land of my own. I’m diligent about retirement, college accounts, kids car accounts. I have a few rentals that I’ve thought selling a few times to buy land, but that isn’t the plan. Once I retire, I plan to enjoy it. I won’t go out in a blaze, but would love it if my kids have something that is left over. Hopefully, some assets I’ve collected over the years. I would love for them to be in a position to be ahead of the game instead of working their life away.


              Sent from my iPhone using Tapatalk


              That's a smart man

              Comment


                By default my children will inherit something, we will continue to manage our money and "pinch pennies" if you will till our dying day as we don't want to bee a burden on the kids. If I go first, I want to have enough that my wife can live comfortably till it's her time. Then the kids/grandkids can fight over anything left.

                Comment


                  Perhaps the most important thing to leave your children is a sense of decency and a good raising. SO many people raise bad kids these days, a lot of that can be credited to spoiling them with material things as mentioned above.

                  On a financial note, it seems fairly important to get rid of your assets (or situate them correctly with an advisor) before you get down in health. My wife’s grandmother is in the nursing home and it’s like $7,000 A MONTH!!! Her farm and stuff is safe, but she had a decent amount of cash at the wrong time and it’s getting burned up.

                  I haven’t seen many examples of people fighting or getting butthurt over inheritance. Honestly most folks where I live probably don’t have much compared to TX standards. Ground is what most people split up here and it’s pretty cut and dried in most all cases.

                  If you’re fighting with your family over money, you had big issues before the money ever came up. (Bad raising)

                  Comment


                    Originally posted by RdRdrFan View Post
                    Thanks for telling me what I think.

                    The reality is that the majority of people with the mindset of "I'm gonna spend it all and the last check I write is gonna bounce!" are, in most cases, going to end up being a burden on their children. I don't have a problem with someone like Warren Buffet saying that he won't leave his fortune to his children. That is 100% his call to give his money to someone else. But he will never be a financial burden on his children. If you plan on dying broke then you will most likely be broke before you die. Who is responsible for taking care of you then? Your kids or the government are pretty much the only options to take care of you in that scenario. At that point.......who is the "chitty" person?
                    Again you are assuming have fun and spending the money they earned means they are a burden or not prepared for care as elderly.

                    Comment


                      Originally posted by TxAg View Post
                      I think you may be misinterpreting some comments. Nobody with any sense wants to burden their children. Their comments are a euphamism for enjoying their hard earned money instead of miserly hoarding it for the benefit of their heirs.
                      Yep seems to be overly thinking it trying to justify his own position.

                      Comment


                        Originally posted by txwhitetail View Post
                        Again you are assuming have fun and spending the money they earned means they are a burden or not prepared for care as elderly.


                        I absolutely am making that assumption and it is based on experience. I see it happen all of the time. I deal with people and their money daily and have for my entire career. I'm not guessing.

                        Comment


                          Originally posted by txwhitetail View Post
                          Yep seems to be overly thinking it trying to justify his own position.


                          I have no need to "justify my position" to you or anyone else. It is the same thing that we see in many areas of our culture now. People have continued to become more and more self-centered. This issue is no different.

                          I have worked hard and have been blessed to enjoy a great life. But everything I do is for my family. Everything. Teaching my boys about being ethical and having a set of morals. Teaching them about working hard. Teaching them about money and how things work financially. Teaching them about hunting, fishing, golf, or whatever they want to know about. Showing them an example of how to love a woman and treat their future wife. Providing financially. All of these things and so much more I do because I care more about my children than I care about myself.

                          And I do see people exhibiting both sides of this discussion regularly. I can tell you which side the happier people reside on. It's not on the self-centered side.

                          Comment


                            My Texas property, NY hunting camp, firearms ect will be left to my sons.
                            My wife can have the rest. That's all the kids want anyway. They will have a place to take their kids. And so on...and so on. That is the legacy I'd like to leave.

                            Comment


                              I hope to leave my children something. I hope i can give them an even better life than myself, kust like my parents did for me. That's the awesome thing about this country, is we have that freedom. Hopefully by thst time ive taught my kid not to be an idiot lol.

                              I just got back from China and met a guy whose parents were farmers, and wanted him to work in the technology field. He is now, but because the people in that "band" of society expect certain financial things, he probably won't be able to marry, and if he does it is not likely that he has the chance to do better/help his children any more or less. We kind of take that freedom for granted here, its much easier than some places.

                              Comment


                                Originally posted by RdRdrFan View Post
                                Teaching my boys about being ethical and having a set of morals. Teaching them about working hard. Teaching them about money and how things work financially. Teaching them about hunting, fishing, golf, or whatever they want to know about. Showing them an example of how to love a woman and treat their future wife. Providing financially. .
                                You do all that and the financial part of leaving them anything is a mute point.

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