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Re: Where's your money going after you're dead?
Old 11-06-2005, 06:57 PM   #21
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Re: Where's your money going after you're dead?

It's interesting to me to see how many of those responding have no kids. Guess it's easier to FIRE without 'em.

DH & I also have no kids. We also are hesitant about leaving a lot of $$ to family. We have provisions for our parents, should we die before they do. Otherwise, it goes 10% to each of my 3 brothers or their kids (depending if the brothers are still alive). They are all pretty responsible, none of them too well off. But that's more than enough for them; we don't want to mess them up by giving them too much. The rest goes to charity. DH has 2 brothers. One is so tight with a buck, it's scary. He works insane hours and we know he makes huge amounts of money, but lives in a dump in an unsafe neighborhood rather than spending anything. Never helps out the parents for anything. The other brother is 52 and never worked a day in his life. He's made a career out of sucking dry anyone who lets him get away with it. It's amazing. So he's not getting any of our hard earned moey either.

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Re: Where's your money going after you're dead?
Old 11-06-2005, 08:52 PM   #22
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Re: Where's your money going after you're dead?

Hopefully, we'll structure everything so that we die broke. But, in case we don't, the majority will go to our future children (and hopefully grandchildren). I also plan to leave a good chunk to the local SPCA/Humane Society.
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Re: Where's your money going after you're dead?
Old 11-06-2005, 11:48 PM   #23
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Re: Where's your money going after you're dead?

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Originally Posted by Sheryl
I have been puzzling over this for a few years now. *

I'm 45, single, no kids. * I have two nephews, but my brother and their mother had a very toxic divorce, she is a nut case, I would never want any of my $ to fall into her hands, and the jury is still out on what sort of people the kids will turn out to be.

For now I am leaving about half my assets to my brother, the other half to a selection of 5 charities. * As the kids grow up, I may change my mind. *My brother is extremely well off, and doesn't really need my $, neither do his kids. *The house will go to a land trust for permenantly affordable housing. *

My SO has a son, but no grandkids (yet). *I assume he'll leave his assets to the son. *As time passes, if they have kids, and I become a doting step-grandmother, my plans may change.
Another option would be to set up a trust for the benefit of the minors and to make the trustee your brother. He gets to make the cash-dispensing decisions according to your guidelines and their mother is out of the picture. You can also dictate, to some extent, when the trustee steps aside and the beneficiaries take full control of the funds. It doesn't automatically have to be age 18 or 21.

But you're probably smarter to see what kind of adults they turn out to be... as long as you stay off runaway rollercoasters.
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Re: Where's your money going after you're dead?
Old 11-07-2005, 07:18 AM   #24
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Re: Where's your money going after you're dead?

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Originally Posted by HaHa
I am amazed at how many people feel negative about leaving money to their kids. Where else can your bequest do anywhere near as much good for your line?

I have seen very good results of inheritances many times. I have also seen the way institutions will high-handedly ignore the givers wishes and do whatever they want, more or less daring anyone to do anything about it.

About 10 or 15 years ago one of the Bass brothers I think gave a big wad to Yale, with certain restrictions on how it was to be used. I think he wanted it to go to beefing up departments and course that taught "Western Civilization". Seems innocuous enough to me, but not to Yale. Bass- I think it was Sid- eventually got the money back, and I am sure he will not make the same mistake in his post-mortem gifts.

If I have an estate, and I hope I do, my kids get it. If you can't love your own flesh and blood, who can you love?

Ha

Ha, I said what I said because I have seen more poor outcomes from large inheritances than good outcomes. In many of the cases, I think the problem was that the bequest was set aside while the recipient was very young and that they knew about it well in advance of actually receiving it. This tends to breed an attitude of eager anticipation to the exclusion of many other worthwhile things in life. I also think that the problems stem from the recipients not really understanding about money and how to handle it (aside from spending). I may well change how I feel about this as my kids get older and I see how they develop. Hopefully they won't be getting the money until they are well into adulthood.

I hear you on the charities. That is why I would not even consider leaving money to some, others I would probably try to put conditions on a large gift, and others I would happily give to my limits on an unrestricted basis (not to many of the latter).
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Re: Where's your money going after you're dead?
Old 11-08-2005, 01:34 PM   #25
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Re: Where's your money going after you're dead?

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Originally Posted by MikeD
We are going to leave it all to the Humane Society of the US.
The Human Fund.

http://www.msgr.ca/msgr-2/festivus%2005.htm
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Re: Where's your money going after you're dead?
Old 11-08-2005, 05:30 PM   #26
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Re: Where's your money going after you're dead?

I think it is generally more tax efficient to donate regular IRAs to charity, and taxable accounts to family. Your tax adviser can tell you what is best in your particular situation.
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Re: Where's your money going after you're dead?
Old 11-09-2005, 08:17 AM   #27
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Re: Where's your money going after you're dead?

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Originally Posted by Michael
I think it is generally more tax efficient to donate regular IRAs to charity, and taxable accounts to family. Your tax adviser can tell you what is best in your particular situation.
Yup. The charity doesn't have to pay income tax on the distributions. If you are going to do this with a regular IRA or 401(k), I understand it should be done by a beneficiary designation, rather than as part of your will.
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Re: Where's your money going after you're dead?
Old 11-09-2005, 05:51 PM   #28
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Re: Where's your money going after you're dead?

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I understand it should be done by a beneficiary designation, rather than as part of your will.
Thanks Martha.
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Re: Where's your money going after you're dead?
Old 11-10-2005, 09:53 AM   #29
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Re: Where's your money going after you're dead?

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Originally Posted by HaHa
I am amazed at how many people feel negative about leaving money to their kids. Where else can your bequest do anywhere near as much good for your line?
Well, take a note from Warren Buffet who has said a number of times he is only leaving $1 million to each of his children... he said something like.. someone can live off of $1 million and anything else is 'extra'... so the rest of the billions of $$$$ are going to charity...
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Re: Where's your money going after you're dead?
Old 11-10-2005, 01:04 PM   #30
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Re: Where's your money going after you're dead?

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Where's your money going after you're dead?
I honsetly don't care. Rash statement perhaps but true. If I am dead why do I care?

If I go first my wife gets it, (That I care about). If my wife goes first I get it (I also care about that) If we both go, that I care less about, however, I have a will and trust that distributes it evenly between out immediate family, assuming they can find it all. Otherwise to the blind dog charities. Just cause my wife likes dogs.

SWR
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Re: Where's your money going after you're dead?
Old 11-10-2005, 01:45 PM   #31
 
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Re: Where's your money going after you're dead?

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Originally Posted by Texas Proud
Well, take a note from Warren Buffet who has said a number of times he is only leaving $1 million to each of his children... he said something like.. someone can live off of $1 million and anything else is 'extra'...* so the rest of the billions of* $$$$ are going to charity...
I wonder if Mr. Warren has ever met his kids . . . might have been too busy w-o-r-k-i-n-g.

Texas Pete -- if you can leave each of yours $1 million, you're in good shape!

HH
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Re: Where's your money going after you're dead?
Old 11-10-2005, 03:39 PM   #32
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Re: Where's your money going after you're dead?

I don't believe that the major charities share the same sense of frugality as I do when it comes to money.* There have been several stories in the newspapers over the past few years documenting rampant waste and corruption at charities, with many of the executives buying all sorts of luxury goods for themselves with charitable donations.* The idea of donating a significant sum to a third-world orphanage is appealing, but the corruption in the goverments and economies of such countries, combined with the lack of sophistication on the part of orphanage personnel tasked with procurement, gives me significant pause.* How much of a "wheeler-dealer" is your average nun when it comes to dealing with third-world thieves entrepreneurs?

If I were to leave a significant amount of money to charity (which I don't right now) I would be inclined to create my own charitable trust and have a friend who enjoys traveling to third-world countries to be the trustee.* My friend, in turn, can use his/her judgment as to how to help the poor in those countries.

For now, I'm inclined to leave my money to relatives who I respect and who share the same FIRE/frugality attitude I have.
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Re: Where's your money going after you're dead?
Old 11-10-2005, 03:47 PM   #33
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Re: Where's your money going after you're dead?

If you are concerned about abuse in charities you can use a charity rating service like CharityWatch to guide you. They rate charities in terms of what percent of donated money actually gets to the people in need.

heres a link to some top rated charities:

http://www.charitywatch.org/toprated.html
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Re: Where's your money going after you're dead?
Old 11-11-2005, 11:06 AM   #34
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Re: Where's your money going after you're dead?

I will leave everything to my kids.

I'm in the process of re-writing my will and setting up a trust. I may follow my parent's lead and set up certain ages where a percent of my estate can be released. I'll discuss it when I get to that point. Don't want the kids to spend it all at once.

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Re: Where's your money going after you're dead?
Old 11-11-2005, 12:49 PM   #35
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Re: Where's your money going after you're dead?

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Originally Posted by KB
I will leave everything to my kids.

I'm in the process of re-writing my will and setting up a trust.* I may follow my parent's lead and set up certain ages where a percent of my estate can be released.* I'll discuss it when I get to that point.* Don't want the kids to spend it all at once.

It all depends on the kid. Some kids never grow up and no matter what age you put in your will they will still blow the wad in a heatbeat. Others are financially mature at even an early age. Some may grow into it but some may not. While age may be a indicator a maturity and is not the only one.

The only way to have more control over your stash is to direct it through trusts or other legal documents that are administered by a disinterested party. That way there is a valve on the money and it won't get blown all at once.....it will take them a while.
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Re: Where's your money going after you're dead?
Old 11-11-2005, 02:03 PM   #36
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Re: Where's your money going after you're dead?

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Originally Posted by SteveR
It all depends on the kid.* Some kids never grow up and no matter what age you put in your will they will still blow the wad in a heatbeat.* Others are financially mature at even an early age.* Some may grow into it but some may not.* While age may be a indicator a maturity and is not the only one.*

The only way to have more control over your stash is to direct it through trusts or other legal documents that are administered by a disinterested party.* That way there is a valve on the money and it won't get blown all at once.....it will take them a while.*
Agreed. This is a good way for the money to stay in the family and become "old money". It takes generations for a family to rise to "old money" status, but it often takes only one generation for it to fall...
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Re: Where's your money going after you're dead?
Old 11-11-2005, 02:40 PM   #37
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Re: Where's your money going after you're dead?

A trust will be set up and money left over will first go to spouse, then to children and grandchildren. If we had no children, then money would be left to my sister/brother, which is still a possibility.
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