The way things seem to be going, it's not likely that you'll be able to leave him a large inheritance anyway. I see the government soaking it up so all your hard earned money will go the them and the deadbeats that they are supporting.
That said, there has to be some way of getting your inheritance to your kids in some useful form. Right now, you can give gifts of money to them tax free. If you don't want to do that, I suppose buying property might be the next best option. If the economy keeps going down, it might not be a bad deal for someone who has the money. If the property is paid for (no mortgage) then it's just a matter of keeping up with the taxes.
That said, there has to be some way of getting your inheritance to your kids in some useful form. Right now, you can give gifts of money to them tax free. If you don’t want to do that, I suppose buying property might be the next best option. If the economy keeps going down, it might not be a bad deal for someone who has the money. If the property is paid for (no mortgage) then it’s just a matter of keeping up with the taxes.<<<
Over the years, I worked with many clients who felt that cheap land today, would have value tomorrow.
I always made it simple, if the price of a lot today, would buy 100 pounds of beans and you sell it in 20 years and can still use that money to buy 100 pounds of beans, then more than likely you have a nice profit, for look at the price of beans and how much the have gone up, thanks to inflation.
Take it another way, in 30 years will your kids find a piece of dirt to own, that they can afford.
Bare lots , the largest one can afford are good, as there is no plumbing to break down and if you pay the taxes that is all that will be needed.
In this low income valley, in 1977 I looked at 2 1/2 acre lots that were fine, no water or electric at that time, priced at $600.00 total price.
Today if you looked at the same lots, the price will be $30,000. to $50,000.
That is a lot of beans.