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 ...
I'm 99% certain that I've read...more than once...that an inheritance doesn't count as a "marital asset" in divorce court.
Yours would be lucky children. We got nuthin’ — except a Puritan work ethic and a strong base in faith and conservatism.
My dad told us his goal was to die broke. He failed and left my brothers and I a handy sum. He also left his wife in a very comfortable position.
It wasn’t lifestyle changing money but wasn’t insignificant.
One of the first things I did was to invest in a friend’s business. It was a successful venture.
I wouldn’t have been able to help him otherwise.
BRAVO!
My parents gave us their house and we, in turn, will give our kids the means to own the roof over their head. Without land, todays kids are the modern equivalent of 19th century landless serfs with only their labour to sell. Where we live, you need about 120k cash as a down payment to get on the first rung of home ownership. That’s minus the major debt of an education at the beginning of a young persons career and in a world where automation and ai threaten the long term stability of nearly every profession.
“I’m not handing my daughter a huge payout when I die.”
We don’t have kids, so don’t have those decisions to make. It would be hard to say “No” to leaving children a good inheritance but Marie might be smart.
They’re Mormans (I think they still are), and the ones I’ve known have been hard workers and pretty successful. Probably they’re already doing fine on their own.
I was wondering the other day, if I had hit the lottery when I was young, I would never have had the life I did. I would have missed so many experiences, good and bad, that shaped me. I would not be me. Still, that other me, …?
Her comment makes me sad. She should consult a good financial adviser to make sure her money is distributed to the family in ways that can make the money last as long as possible, enough to ensure their welfare over the years. She better hope she never ends up in a nursing home. Who would visit her?
I told my in laws way back when they retired, dont save it for us. Buy yourselves a Winnebago or something and travel around the country, or whatever. Enjoy the money you earned.
they didnt though and now that he’s dead and she is in assisted living, I guess it is good they didnt cause it costs a fortune to live there.
True
I’ve waffles on this a hit and think back to how much anything would have helped my wife and I -and then wonder if it might have slowed us down?
I grew up lower middle class and we always struggled, wife grew up
poor and spent much of her youth in actual poverty and for us not wanting to live that way ever again drove us to work and succeed like nothing else
And I really don’t want my kids to have to repeat that but then again…
It’s fine...but suppose one child needs help...she needs a clause to take care of unforeseen circumstances. Suppose one of their children gets cancer...and they need money for doctor bills....or just to get through tough times. Any parent would step in and help. That’s what parents do...no matter how old a child is...or just because they don’t have a substantial income.
My attitude is to give the kids a good education, and if they appear to have an aptitude for starting a business to help them.
Don't wait too long... The Islands are being overrun by various species from the Mainland. Especially cats.
Read later.
I’d probably set a motivation goal instead.
IF you want 40 million dollars of my inheritance
THEN you must be able to make 75,000 dollars gross pay per year, indexed against inflation, in the field of your choice. Indicate that field here —> ___________
You must then work 10 years in that field successfully, utilizing a standard 40 hour work week (minus, of course., vacations (2 weeks) and standard bank holidays), amassing a minimum of $200,000 cash on hand.
If you are found to have conspired with any person or business to fraudulently receive the required salary in order to share the inheritance with either the person or the business, you will forfeit the entire inheritance. Your work history will be audited on an ongoing basis, and certified by (choose a big-3 Audit firm).
Agree.
People say it ruins the children, that all depends.
Yes when they are 18, the same person at 50 after they have worked 25 years and had a family? Not likely.
There is another side of the coin, one might leave their children destitute while the US Cat Fund (pick your charity) spends your millions on lavish parties and “training” session in the Bahamas.
Ever seen some of the salaries of the administration in the big charity groups?
That's how I would do it if I weren't already spending it all or giving it all to an Ethiopian princess.
I’m an only child sadly, but always thought I would love to have siblings.
She’s right. I’m living proof — burned through TWO sizeable trustfunds. Once I was forced to really do stuff on my own, suddenly I took money a lot more seriously and have built up a sizeable war chest on my own.
Thanks to Dave Ramsey Money management tools, too.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.