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Old 09-05-2015, 05:49 PM   #21
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If we have time and somehow have a good amount left, we plan to make a big puzzle game with clues at locations we have enjoyed. The winner gets everything we have to leave.
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Old 09-05-2015, 06:33 PM   #22
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No we do not have minimum target but maximum target would be to avoid estate tax.
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Old 09-05-2015, 06:52 PM   #23
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DH if he survives me, if not, then DD (only child). DH and I were just discussing what we would do if by some chance she doesn't outlive us. DH wants us to spend it all . I'm reading a book on estate planning right now.


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Old 09-05-2015, 07:38 PM   #24
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I have no idea how much, if anything, will be left, but it currently goes equally to my two siblings. If they predecease me, it will go to my niece and nephew. If I get to a point where none of my relatives seem willing or able to take care of any pets I have, then I'd adjust my will to make sure they're taken care of by either giving a bequest to a friend or animal agency that can care for them.
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Old 09-05-2015, 07:45 PM   #25
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Kids and possibly grandkids.

No set target.

I do have a Long Term Care target. So the kids will get anything the nursing home doesn't.
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Old 09-05-2015, 08:00 PM   #26
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DW will inherit. If there is anything left after that, I hope to set it up so our 2 kids get their inheritance at age 55 or 60, no sooner.
We do not have much now and I am concerned that we should have enough for LTC if needed.

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Old 09-05-2015, 08:12 PM   #27
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Quote:
Originally Posted by FreeBear View Post
1) Who are you planning to leave your money to when you (and DW if applies) are gone? Kids or other close blood relatives? Friends or more distant relatives? Charities, faith based organizations, other?

2) Do you have a minimum target for the estate you plan to leave behind?

Based on the occasional net worth and SWR poles here, it seems like there is a reasonable possibility, even probability, that most here will leave a non-trivial estate. I'm curious as to who you feels is deserving of your estate when you are all done.

As for us, we have direct siblings and faith based organizations as future recipients. We don't have a minimum estate we are trying to leave. Our legacy fully participates in all the upside and downside. We'll spend it all if needed; there no way I'd w*rk even another day to do otherwise.
After some charitable bequests, the residual estate will go equally to our children. We will live our life as we want and they will get whatever happens to be leftover. I concede that it is more likely than not that the estate will be significant.
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Old 09-05-2015, 08:12 PM   #28
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No kids here. If the DGF survives me, who is 12 years younger, it will be her. Otherwise it will likely be some young stripper yet to be named.

The more cash I have, the better looking she will likely be.

I am going to spend it, and have a lot of fun spending it.
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Old 09-05-2015, 08:39 PM   #29
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We discuss this every now and then, but it always comes back to the straightforward (simple) approach. To each other, then split evenly between our two DDs when we're both gone. All accounts are already set up to do this automatically, avoiding probate.

They have no idea of our total net worth. Plans are in place to make them aware when one of us is gone, or when we get too old to risk handling our investments ourselves (probably won't realize it either - we are each other's safety net for this issue). They are both good with money and retirement investors as well due to our tutelage (but not to our levels due to irresponsible behavior by both son-in-laws).

We aren't thrilled with either son-in-law, but trust our daughters to do the right thing with what they will inherit. Our parents (both sides) did this for us and we figure it's the right thing to do with them. Let them decide what's best with passing along what they receive to their children. If either goes before we do - will have to adjust accordingly to see that fairness is applied for all (daughters then grandchildren is the tentative plan).
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Old 09-05-2015, 08:49 PM   #30
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My two siblings. But assuming that I outlive them my 3 nieces/3 godchildren. However, I'm sure I will at some stage make a decision on who might deserve it more and lean towards a subset of those. So they better be really nice to me!! But truly I would probably give most to whomever needs it most. Also, there's always someone in my life that could really use the money, either a friend or just an acquaintance that's needy. It would give me great pleasure to see that person more secure. So in my later years I would leave a portion to them.


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Old 09-05-2015, 08:57 PM   #31
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They have no idea of our total net worth. Plans are in place to make them aware when one of us is gone, or when we get too old to risk handling our investments ourselves (probably won't realize it either - we are each other's safety net for this issue). They are both good with money and retirement investors as well due to my tutelage (but not to our levels due to irresponsible behavior by both son-in-laws

We aren't thrilled with either son-in-law, but trust our daughters to do the right thing with what they will inherit. Our parents (both sides) did this for us and we figure it's the right thing to do with them. Let them decide how to pass what they receive to their children. If either dies before we do - will have to adjust accordingly to see that fairness is applied for all (daughters then grandchildren is the tentative plan).
Hopefully, the irresponsible sons-in-law don't divorce your daughters.
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Old 09-05-2015, 09:39 PM   #32
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This has been a much discussed topic for my wife and I. We have 5 kids, 4 from my first marriage, and she has 1 from previous marriage. When we got married, youngest was 7 and oldest was 17. My DSS was 14. We've talked about a 5 way equal split, or 50 % to DSS and the other 50% split 4 ways. Neither one resonates with me. Latest thinking is to give DSS a cabin on a lake that we own, in addition to an equal 5 way split. Long story short, in answer to the OP, it's going to kids.

Does remind me of a great aunt that my uncle was convinced was going to leave her estate to him, but left it all to her church. Man was he surprised!

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Old 09-05-2015, 10:25 PM   #33
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DW of course, but should I survive her, then I'll leave everything to the US gov't.

..... as by then it will be a negative amount
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Old 09-06-2015, 05:49 AM   #34
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We have no kids so when DW and I are both gone, the residue goes to my only brother and DW's eight nieces and nephews.

Half of them are good people with a good head on their shoulders. The other half are layabout losers. It'll be a good chunk of money for each of them.

They'll all get the same amount (brother gets 50% more plus my share of the family trust fund) but we recognize that the layabouts risk 'lottery winner syndrome'...but for once in their useless lives, they'll be on their own and have to figure it out.
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Old 09-06-2015, 06:29 AM   #35
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Some goes to the Perpetual Care program at Kansas State to take care of the pets, rest then goes into a scholarship fund at my university. We're childless and our nieces/nephews will have to fend for themselves.
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Old 09-06-2015, 06:41 AM   #36
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I'll probably leave it all to DH's next wife.
Ha Ha
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Old 09-06-2015, 07:17 AM   #37
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Best.

Wife.

Ever.
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Old 09-06-2015, 08:53 AM   #38
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We have no kids. When we both go to the Happy Hunting Ground, the proceeds will go to the three non-political organizations we believe in and close friends. Blood family are all duds and scammers.
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Old 09-06-2015, 08:56 AM   #39
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Half of them are good people with a good head on their shoulders. The other half are layabout losers. It'll be a good chunk of money for each of them.
Wow Marko, you've got a strong stomach! We'd have trouble leaving serious $$ to folks we don't really admire, but then again we don't have much close family left. I guess we consider our estate, if any is left, as somewhat of a scholarship fund!
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Old 09-06-2015, 09:04 AM   #40
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Thanks everyone for participating. Quite interesting, but not so surprising. Most folks plan to leave their $$ to closer blood relatives, few plan to leave significant money to organizations/charities.

A wealthy friend ours knows tons of very wealthy folks, probably 2-digit million$. He mentioned that they don't give money outside of their family either and the same applies to their huge estates.
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