10-19-2020, 06:43 AM
While I do wish to leave a legacy for my wife if I go first, leaving a ton of money for my kids is not a significant factor.
I am very lucky that my kids 34/31 are educated with very good jobs. My son makes 6 times my peak earnings already, so they can take care of themselves.
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. IME, things are cherished much more when they are earned as opposed to given to them.
See some of the big lottery winners and what happens to them. It's often not very good.
Just food for thought.
I am very lucky that my kids 34/31 are educated with very good jobs. My son makes 6 times my peak earnings already, so they can take care of themselves.
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. IME, things are cherished much more when they are earned as opposed to given to them.
See some of the big lottery winners and what happens to them. It's often not very good.
Just food for thought.