10-19-2020, 07:17 AM
(10-19-2020, 06:43 AM)NilesMike Wrote: 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 completely agree Mike. My situation is a little different. My only child squandered high school. I partially funded some college but after three semesters it wasn't productive enough. That was three years ago, and she has worked fulltime since then, and mostly on her own. Low level healthcare. EMT, ER tech, ambulance driver. Now she supervises a crew at a mental health facility. None of it pays worth a damn and when restaurants are open she waits table a few nights a week. She knows she made her bed but I am proud of her work ethic. Barely able to pay her bills but refuses to live at my house for more than a few weeks between apartments. She seems to understand she made life harder than it needed to be. Now I just need to get started on teaching her how to manage a DGI port. She doesn't have to get it perfect. She just has to understand the importance and put in a little time. We'll see how it goes.
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.