10-19-2020, 03:10 PM
(10-19-2020, 10:33 AM)fenders53 Wrote:(10-19-2020, 10:04 AM)crimsonghost747 Wrote: Ohh there definitely can't be a cookie cutter best answer since everyone is different and lives in a different situation. But indeed, my idea was to get everyone thinking of the possibilities. "We generally don't inherit at the proper time" is true, but "such is life" does not need to be true. And that was my point, you CAN affect when that transfer of wealth occurs.My daughter needs money right now, and I can't give it to her without sacrificing my early retirement I invested for all my life. I help her some of course, and I have, but the fact I can't fix everything causes her to grow as an adult. There is always a spare bedroom in my house. If she is too proud to do that and wants to make her own way then it's all good. Your point is taken though. There is no need to make her wait until she is 60 to received the entirety of any benefit I may have the ability to leave her.
One way would be to indeed "spend" it on them earlier on. All education etc is free here so no personal experience but I imagine graduating with zero debt would be a pretty good starting position in the states. Or maybe pay the first 1-2 years of their mortgage payments to help out at that time.
Or simply offer to "double their salary" for the first 2 years that they have a job. I think we all remember our first real job and the salary probably wasn't much.
Or, if you prefer holding onto everything until you pass away, maybe designate a part to go to your grandchildren instead since it's very likely that they are in a position to need it much more than your children do.
Just some random ideas that could indeed work in order to put that money where and when it is most needed, instead of it all arriving on someone's bank account when they are 60+ years old.
edit: I should add that here, as with most money things, diversifying is probably a prudent thing to do. It doesn't have to be "either this or that" but rather "both this and that"
Firstly, let me state that I am of course talking in the general sense here. Just throwing around ideas that could be useful to people. Your situation is of course something that only you know well enough and I'm sure that you have thought about these and as a rational man you've made the right decisions.
But indeed, based on what I've read on this thread, it sounds like you're doing exactly what I'm talking about here. You paid a part of her education, okay she didn't finish it but that is her choice to make. You gave her the opportunity to educate herself without getting into ridiculous amounts of debt. That is worth a lot. And as you said you help her some now, and believe me it makes a big difference.
These are exactly the kind of things I'm talking about. It would be absolutely unrealistic to let go of the majority of your assets now, since you'll need them for another 40 years. And she probably wouldn't even know what to do with half of your portfolio right now. But $1000 that pays for her car repair now is probably worth to her much more than having that $1000 as part of inheritance. It's the small things that make a difference when you're young.