I am spending as much as possible.
She should know.
Marie has the right of it, in my opinion.
Her kids would just blow it on sport cars and other dumb stuff. She has made a brave decision to force her children to be productive adults and net assets to society.
At this stage she should know.
Who is responsible and who is not.
It does not have to be black and white.
I’m in my seventies - I took every organization that had Chief Diversity Officers off of my will - not giving to any org that will waste it.
The kids can use it.
I'm not handing my daughter a huge payout when I die. She would blow through it in a year. With a trust, her mortgage/car will be paid. She will never go without a roof over her head.
I love my daughter and granddaughter. I like my son-in-law and genuinely hope their marriage will last. With a trust, if they get divorced, he can't claim any of it.
And BTW, no one would have ever heard of Marie Osmond had it not been for the success of her brothers, and that wouldn't have happened were it not for their parents.
If you want strong children, don’t make it too easy for them. It’s a temptation for most parentw, but it is a mistake.
Every set of children is different. What’s important I think is to try to give them all a fair chance at starter adult support to be on their feet degreed and debt-free with a good car & half a down payment for a house where they get a 15 year mortgage with LTV under 80% and no other debts around 23.
I guess passing on great wealth would depend on the children. There are some that would handle it well and others it would destroy.
With modern lifespans, most people don’t inherit any money until they’re nearly ready to retire. Receiving a chunk of money at that age can be very useful.
Leave them a little if you have it, but it is your money not theirs.
“Leave the children enough to do something but not enough to do nothing.” Not sure who said it...maybe Paul McCartney?
She’s right...
Welfare (familial or governmental) breeds laziness.
Let’s hope she chooses her charities wisely.
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.
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 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.
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.