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 ...
Our 4 will equally divide our assets. They are honest hardworking people just as we raised them to be. Unless her kids are in prison or lazy. I don’t see the issue
I agree. I worked my ass off for everything I have. Told my two sons long ago and reinforced it over the years that they'll have to do the same.
I'm spending their "inheritance" ... every single last penny.
The Bible talks about inheritances a lot. The prodigal son was given his early and wasted it. His father still rejoiced at his homecoming.
One sort of hopes she’s being slightly deceptive. So long as they believe her words it has the same effect, and their lives will mostly have been lived when she passes away.
I wonder if she is helpful to them while she’s still alive.
She’s right as far as it goes, but in the end isn’t her approach a form of communism? If every family didn’t or couldn’t pass on their wealth?
About 50 years ago, a mentor said to me: “our first responsibility in estate planning is to protect the children from the money.”
This was affirmed almost immediately when a troubled 18 year old showed up in our lobby demanding access to his Uniform Gifts to Minors Act accounts which his grandfather had diligently funded at $10,000 per year since he was born.
We had no means to avoid it. We directed him to the custodian of the funds and he withdrew the entire quarter million and disappeared. This was 1978.
For the next 10 years I used what I called the “arm twister trust” where pop would make the children endorse the withdrawal check to go back into a new trust for disbursement under more responsible settings. We did not, of course, represent the children.
Eventually this awful situation stopped popping up.
My son’s rent and utilities were so high, there was no way he was going to save up for a down payment. We did his budget together, and other than a minimal car payment, he had no debt, and there was just no extra income anywhere. And he is working 70 hour weeks so a second job is out of the question.
So, we bought a fixer upper for very cheap, and he lives there, pays a reasonable rent to us but also takes on a project each month to improve the house. He has really enjoyed it (he is a DIYer anyway). He remodeled the bathroom, kitchen, built a deck, finished the basement, etc. We provide materials, he provides labor.
He has put away enough now (and his fiancé has savings) that their goal is to buy the house next year. I’m just hoping that the home prices come down before then.
Anyway it was a good solution for that son. I have a younger son coming up who this wouldn’t work as well because he is not handy, but he does have several friends who are interested in being housemates. We will have to think that one through a little more and watch the market because houses are still over priced. He is about to graduate college and will be working for my husband and paying us a modest rent while he looks for a job in accounting.
Bless you. Good decision.
She should give it to the federal government to spend! LOL!
I don’t have any wives or children. I was hoping to leave my lifetime of work and sacrifice to a family member, but since that will never happen I have set up my trust to anonymously leave all of my properties and assets to a variety of smaller charities that I trust will be of help to people and children rather than enriching democrats like the big ones do.
you put conditions on it, like... you will match dollar for dollar what they earn on their own.
She is an idiot.
she wants her children to work, so she will give it to charity which will:
make the fat cats running the charity rich
and discourage anyone the charity gives money to from working
She didn’t solve the issue, she simply passed the problem off to someone else and enriched a bunch of charity CEO’s
I’m for giving your money to your kids while you are alive to say “you’re welcome”. For the joy of it, like when you give any spontaneous gift to a loved one. Personally, I would love to help a child start a business.
Isn’t there an OT verse about leaving inheritance to your descendants?
I LOVE Marie Osmond! She is one beautiful woman.
“while he looks for a job in accounting.”
I don’t know where you are, but here in the Midwest they can’t find enough accountants. I have friends who are closing down because no one will work in accounting where one actually has to do something other than mouse around on social media or take a break.
Best of luck to him.
She’s wrong. She should leave a certain amount for them to pay off all their bills possibly their house and may be a new car and a little extra. Then,If she doesn’t trust her kids she should leave it in the trust until they hit 65 or 70 years old to make sure that they’re taken care of in your their age.
Think how much fun it would be to give the annual exclusion amount, $16,000, to each of a thousand people.
Every registered republican in a whole lot of ghetto precincts. Boom! $16,000.
Every volunteer at a Right to Life counseling center. Boom! $16,000.
No tax consequences. No fat cats.
“”that’s the ability to work.””
Her definition of “ability” must be different from mine - their ABILITY TO WORK wouldn’t be hampered by receiving an inheritance...
ODK who said it, but this makes good sense.
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