10-19-2020, 09:33 AM
(10-19-2020, 08:45 AM)crimsonghost747 Wrote:The past few posts from Mike and I have established is there is no cookie cutter best answer. Mike's kids are doing well financially, but my kid is good to me and I still love her lol. What you just posted has some merit though. We generally don't inherit at the proper time but such is life. Or we don't inherit anything at all. My father left me a worn out shotgun lol. Same guy worked hard during during his short life and made my life as good as he could. He was a very loving father. I had to figure out finances for myself.(10-19-2020, 06:43 AM)NilesMike Wrote: Additionally, I am not sure that leaving a lot of money to descendants is necessarily a good idea. IF I were to do it, there would be strings attached to the money. One example is that they could only access money equal to what they earned for the past year.
Indeed.
One way would be to indeed only get the same amount as your salary is.
Another way could be to simply have access to the dividends (so a pretty decent extra income but nothing major) until X years old. (and X being something where a person is a true adult, not 18 or 20.)
Another thing that I've noticed with these is that inheritance usually hits when you're 40-60 years old. Now for most that means that they have a decent job that pays their bills, there might be a mortgage but it won't be big, the car and other major things are probably more or less paid for. This is not when you really need the money. You need it when you're in your early 20s, working on an entry level job, living in a rented apartment, when you have your life ahead of you.
Something also to consider.
I am considering something similar to what you suggest. She probably needs more help at age 30 than 60. But if they squander it they will still be struggling at 60. Most Americans these days are heavily indebted way past 40. In any event it's not too difficult to spread the money out in a way that makes sense.