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 ...
wow, I had not known they recently changed that here in Texas. Thanks for that information!
Yes we also did it in Ohio. We’ve set our trust at a 5% of year end balance withdrawal rate for our kids, and strong encouragement to take that payment on a monthly basis. Won’t come close to making them rich but they should always have the bills paid.
She only gave birth to three children. She adopted five. The youngest is about 20.
Parents should do everything that they can to help their daughters and sons prosper.
Anything less is selfishness.
Your plan makes perfect sense, structuring the inheritance to ensure that it will last.
There are enough hardships in the world without parents trying to make things harder for their daughters and sons.
Well said.
Donny is the one with talent.
It sounds like you are managing things very well.
The core of civilization is the motivation to make things good for your descendants.
Good points.
Good approach.
“”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.”
Really. I’ll gladly sacrifice five years of life for a lifetime of coffee. (Maybe I already have. Who really know?
I’ll ask God when I get There.)
That makes a lot of sense. He seems to get the main principles of accounting and is good at math, college Algebra was easy for him. He took a class in excel, but I think this summer he should take another because it was so condensed.
I bet that experience had a lasting impact on Marie and has largely influenced her decision to not leave an inheritance to her children.
-PJ
Excell is easy. Tell him to take a class in calculus.
Yes, it’s sad. Why not give them an inheritance of an IRA or even Roth IRA with dividend re-investment? They can witness the benefit of investing and compounding before they touch the money. Better than just handing them money -or nothing.
If you have an IRA that’s fairly substantial, say $400 or $500,000 and are over 70 1/2, You can place that IRA in a trust, it is then called a Trusted IRA. It will pay out to your kid on an IRS controlled schedule until the kid is aged 83. Payments get bigger every year until exhausted at 83.
Of the remaining seven children, two are natural and the rest are adopted.
-PJ
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