Posted on 01/15/2023 4:36:57 AM PST by blueplum
In a new interview with Us Weekly, Marie Osmond opened up about motherhood and defended her choice to not to leave her eight children an inheritance.
'Why would you enable your child to not try to be something? I don’t know anybody who becomes anything if they’re just handed money,' the show business vet, 63, said....
....She was filming an episode of The Talk when she noted, 'I think you do a great disservice to your children to just hand them a fortune because you take away the one most important gift you can give your children, and that’s the ability to work.'
The actress explained, 'You see it a lot in rich families where the kids, they don’t know what to do and so they get in trouble.
'Let them be proud of what they make. I’m going to give mine to my charity.'....
(Excerpt) Read more at dailymail.co.uk ...
She just doesn’t want to pick and choose. The question comes, who will get your wealth if you have any when you are gone? Is it family or the State or badly managed woke charities?
“Hey mom... how about a plumbing truck?”
I don’t know anybody who becomes anything if they’re just handed money.
She’s right she’s seen what has happened to many Hollywood kids of stars and kids of other rich people.
If you don’t earn it not much worth in it.
“Her comment makes me sad. She should consult a good financial adviser ...”
Me too. In addition she should not have her kids think she just didn’t love them. At least a hundred thou or so. That isn’t enough to make them lazy.
Mormons don’t drink coffee. I swear there’s something to that when it comes to aging. Oh, but then I’d have to give up coffee. :::hugs coffee closer:::
After she was confronted, she stated that she had it coming to her because she was the primary caretaker of her mother in her old age. She was so afraid she would be shortchanged in the will that she grabbed what she could before it was even read out.
I just think it's ugly business all around.
Though my children are grown up and on their own, I never discussed my estate with them. That's my business. If I die today, they are millionaires due to the size of my pre-retirement 401ks and my home equity. If I die at 95, I'll probably end up spending every penny.
Worst thing I can do is let them know what I have because then they might be sitting around hoping I die before I spend it all. Who wants to put themselves in that situation.?
So I say nothing about my net worth to anybody but my wife.
My children are doing quite well on their own by the way.
That’s encouraging. He is a smart kid, but not very confident in his abilities - he feels pretty overwhelmed with the enormous amount of information he learned in college, but friends of ours in the business tell him that when you get in a firm they will train you on whatever software they use.
Anyhow, from looking so far, there isn’t too much entry level here in GA. He may start by doing books for my husband’s business.
We’ll see.
How absurd, so you would give your father’s money to a funeral home, the greediest vultures on this planet.
Deloitte, KPMG, and PWC all recruit heavily in my city trying desperately to get the seniors to come work for them.
They spend BIG bucks wining and dinning the students.
I can’t imagine anyone having a hard time finding a job as an accountant.
EXACTLY!!!!
think about all the amazing people you have met over your lifetime, who are GOOD people, but have had bad luck. You could change their lives FOREVER.
Marie is basically saying see hasn’t met a single person in her entire life worthy of help, not even her children. And will just give to to a charity that will piss it all away on people who don’t deserve it or themselves as CEO.
What Marie decides to do with her own money should be her own business.
Not if set up in a trust with the stipulation of “per stirpes” designation. Then it is handed down to descendants as each passes on.
Example, you leave your daughter some money, your daughter then dies and you have stipulated the inheritance passes “per stirpes” means your daughters kids get the rest of your money. And when that kid dies, if any money is left in trust it will pass to your granddaughters kids.
There is also the stipulation of “leaving issue”, which means leaving children behind. If you have 3 kids and 2 have children and one does not, when the child without kids dies their part of your inheritance returns to the trust and is split between the surviving 2 kids or their children.
I 100% agree, but her plan to give it to a charity that will then simply give it to others will breed the same laziness she wished to avoid with her own children.
If she wants to give it away, she should give it away to the people she has met in life that wont piss it away and that it would genuinely help.
Please tell your son the “secret” about accounting. The secret is that accounting is a philosophy. It is not a science. In a philosophy you learn the rules, memorize them, and spit them back. You don’t worry about “why” or if the rules even make sense. In a science, if you don’t fundamentally understand “why” you will never be able to do the work. There are a lot of “whys” in science.
These days the math is indispensable. If he can master two levels of calculus (also a philosophy) and statistics, and get really good at MS Excel everything else will be a piece of cake.
And, in a recession, accountants rule, financial analysts drool.
It may vary by state, but you can’t do that legally in Texas. The will will be thrown out, you can’t dictate what happens to an estate over multiple lifetimes.
For example you can’t leave land to a child who can’t sell it and that must be passed down to the grandchildren.
If it is integrated into the family assets, she will get half. It is critical to leave it in the trust. And, if the lawyer writing it was worth a damn it will have a section allowing the trustee to decline distributions if they are compelled by a court.
You can do it now in TX. In September 2021 they adopted a 300 year rule as the rule against perpetuity. That means that it can go down the line for 300 years but must eventually vest and be distributed to the beneficiaries at that time.
Here in Ohio we just did away with it entirely.
My children have seen me work every day for 35 years. They have fabulous careers and make good livings. I will continue to earn so I can leave them as much as I can. People ask me when am I going to retire and enjoy myself. I get to spend every day with both my children and their families. I can’t think of anything more enjoyable.
Oh, and you can leave land to a child such that he has no right to sell but must leave it to the grandchild.
In Texas it is done by the use of a “life estate deed.” It can further be restricted such that if the life tenant (owner) conveys his interest, it is accelerated to the grandchild (or whomever the remainderman is).
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