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Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
John Bogle
()
Date: April 14, 2017 06:50PM
So that they can better plan their financial future?
What would your advice be?
What would your advice be?
Re: Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
Bobby from Burke
()
Date: April 14, 2017 06:52PM
I wish my parents had told me how much they were leaving me and my sister. I wouldn't have scrimped and saved so much, and would have enjoyed living a little bit more. Because they didn't, it is my kids who will benefit the most. I plan on telling them exactly how much they can expect so they won't have to go through what I went through.
Re: Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
Fox News
()
Date: April 14, 2017 06:53PM
Write a musical about it
Re: Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
phelpsmarc
()
Date: April 14, 2017 07:06PM
NO.
You don't want to end up like the Menendez mom and dad.
You don't want to end up like the Menendez mom and dad.
Re: Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
nope nope
()
Date: April 14, 2017 07:21PM
John Bogle Wrote:
-------------------------------------------------------
> So that they can better plan their financial
> future?
>
> What would your advice be?
You do not know what is going to happen between today and when they inherit the money. My parents had a crapload of money when they retired. Mom died of cancer $$$$$$$, Dad spent lots of money during his grieving years $$$$$$, he went into a nursing home as a private pay patient $$$$$$. Basically nothing was left in the end. You cannot predict the future. It is better they do not expect it and if they do get a windfall good for them.
-------------------------------------------------------
> So that they can better plan their financial
> future?
>
> What would your advice be?
You do not know what is going to happen between today and when they inherit the money. My parents had a crapload of money when they retired. Mom died of cancer $$$$$$$, Dad spent lots of money during his grieving years $$$$$$, he went into a nursing home as a private pay patient $$$$$$. Basically nothing was left in the end. You cannot predict the future. It is better they do not expect it and if they do get a windfall good for them.
Re: Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
millionaire here
()
Date: April 14, 2017 07:30PM
Mine found out what we had when they filled out the fafsa. I was pissed. That is none of their business.
However, they are our executors, so they kind of need to know about some things.
Savings go fast when you start having problems, need pricey care, etc. There are certainly no promises.
Our advice was to get to work and don't count on anything, and be very very nice to us.
However, they are our executors, so they kind of need to know about some things.
Savings go fast when you start having problems, need pricey care, etc. There are certainly no promises.
Our advice was to get to work and don't count on anything, and be very very nice to us.
Re: Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
btgy
()
Date: April 14, 2017 07:37PM
nope nope Wrote:
-------------------------------------------------------
> John Bogle Wrote:
> --------------------------------------------------
> -----
> > So that they can better plan their financial
> > future?
> >
> > What would your advice be?
>
>
> You do not know what is going to happen between
> today and when they inherit the money. My parents
> had a crapload of money when they retired. Mom
> died of cancer $$$$$$$, Dad spent lots of money
> during his grieving years $$$$$$, he went into a
> nursing home as a private pay patient $$$$$$.
> Basically nothing was left in the end. You cannot
> predict the future. It is better they do not
> expect it and if they do get a windfall good for
> them.
Right on the money. Pun intended. If they don't expect it, they won't be disappointed if it doesn't happen. I have a friend whose wife was in the
same situation. Her parents were worth a couple of million at one point
but several years of nursing home expenses for both of them made quite a dent.
-------------------------------------------------------
> John Bogle Wrote:
> --------------------------------------------------
> -----
> > So that they can better plan their financial
> > future?
> >
> > What would your advice be?
>
>
> You do not know what is going to happen between
> today and when they inherit the money. My parents
> had a crapload of money when they retired. Mom
> died of cancer $$$$$$$, Dad spent lots of money
> during his grieving years $$$$$$, he went into a
> nursing home as a private pay patient $$$$$$.
> Basically nothing was left in the end. You cannot
> predict the future. It is better they do not
> expect it and if they do get a windfall good for
> them.
Right on the money. Pun intended. If they don't expect it, they won't be disappointed if it doesn't happen. I have a friend whose wife was in the
same situation. Her parents were worth a couple of million at one point
but several years of nursing home expenses for both of them made quite a dent.
Re: Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
Been there watched that
()
Date: April 14, 2017 08:23PM
NO. Absolutely not.
Money is not a motivator. Lack of money is. A promise of money motivates slothiness in almost every case.
Money is not a motivator. Lack of money is. A promise of money motivates slothiness in almost every case.
Re: Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
boglehead
()
Date: April 14, 2017 08:28PM
No way! Just teach them the boglehead way of living and investing so they are prepared.
Re: Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
estate planner
()
Date: April 15, 2017 04:09AM
Three words: revocable living trust.
If you have even a modest estate of a few hundred thousand dollars, this is the best way to pass your assets to your children.
If you're poor and have less than $100,000 in assets, don't bother with this, because the trust will be uneconomical.
If you have even a modest estate of a few hundred thousand dollars, this is the best way to pass your assets to your children.
If you're poor and have less than $100,000 in assets, don't bother with this, because the trust will be uneconomical.
Re: Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
Arlington native
()
Date: April 15, 2017 06:31AM
Warren Buffett made sure that his kids had a good education, bought them a house and a nice car. His billions of dollars in his estate, he has made perfectly clear will not be left to his children. He said he wouldn't do that to his kids. College funds for grandchildren, and such are nice things to do. But as said earlier here, you don't know what the future will bring. Let you're children make their own way. They'll be better for it in the long run.
Re: Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
Do them a favor
()
Date: April 15, 2017 07:30PM
The best way to fuck up your kids is to tell them you're leaving them a shitpile of money.
Spend all your money on hookers and blow before you croak.
Spend all your money on hookers and blow before you croak.
Re: Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
$100,000 is peasant money
()
Date: April 15, 2017 09:04PM
estate planner Wrote:
-------------------------------------------------------
> Three words: revocable living trust.
>
> If you have even a modest estate of a few hundred
> thousand dollars, this is the best way to pass
> your assets to your children.
>
> If you're poor and have less than $100,000 in
> assets, don't bother with this, because the trust
> will be uneconomical.
I doubt OP and most people in this area are only passing around a measly few hundred thousand dollars. Just in the home value, most will get near $1M, add in investments and upper income Fairfaxians will pass on millions.
-------------------------------------------------------
> Three words: revocable living trust.
>
> If you have even a modest estate of a few hundred
> thousand dollars, this is the best way to pass
> your assets to your children.
>
> If you're poor and have less than $100,000 in
> assets, don't bother with this, because the trust
> will be uneconomical.
I doubt OP and most people in this area are only passing around a measly few hundred thousand dollars. Just in the home value, most will get near $1M, add in investments and upper income Fairfaxians will pass on millions.
Re: Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
They Shoot Horses...
()
Date: April 15, 2017 09:44PM
Assisted living costs several thousand/month (bare minimum 4k around here). Nursing home care costs much more - unless you are broke, in which case it is pretty much free (but you may be stuck in a substandard facility). You might be a vegetable at the end, but the state and the facility won't allow you to die with any semblance of dignity. You can burn through an inheritance real quick with one parent, let alone two. It's really a crapshoot. A quick death (heart attack, fatal stroke, etc.) is the most merciful all around.
Re: Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
SmartOne
()
Date: April 16, 2017 11:08AM
I think you should tell your presumably responsible adult children the big picture with an admonishment that things can/do change, tell them where the important documents can be located, for sure.
Re: Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
Lottery Loser
()
Date: April 16, 2017 12:23PM
Yes! Tell them they will inherit millions, then leave all the money to a charity for homeless cats.
Then when you are dead, you can look down on them and have a good laugh when you see the look on their faces.
Then when you are dead, you can look down on them and have a good laugh when you see the look on their faces.
Re: Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
tjPtk
()
Date: April 21, 2017 05:36PM
No - never assume you will get an inheritance - everyone needs to make their own money. My mother died and my father remarried, guess who got the inheritance?
Re: Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
Warren B.
()
Date: April 21, 2017 06:06PM
John Bogle Wrote:
-------------------------------------------------------
> So that they can better plan their financial
> future?
>
> What would your advice be?
Sure. As long as it starts with a z and ends with an o. It's your money, spend it all and let them make their own lives.
-------------------------------------------------------
> So that they can better plan their financial
> future?
>
> What would your advice be?
Sure. As long as it starts with a z and ends with an o. It's your money, spend it all and let them make their own lives.
Re: Should I tell my kids how much they are going to receive in their inheritances? Approximates, of course.
Posted by:
Huh???
()
Date: April 21, 2017 06:26PM
Nobody left me a cent of inheritance and I went and built a pile of cash in the amount of $3.2M currently, plus assorted stocks and other non-liquid investments.
This is my money. I did this. It's for me. I didn't bust my hump to make these stacks just to hand it over to my kids. I've told them I'll make loans to them at current rates and terms and/or invest in their ventures but, nobody is getting free money.
Any remaining assets in my estate at the time of my death will be sold and donated to charities along with any remaining cash.
This is my money. I did this. It's for me. I didn't bust my hump to make these stacks just to hand it over to my kids. I've told them I'll make loans to them at current rates and terms and/or invest in their ventures but, nobody is getting free money.
Any remaining assets in my estate at the time of my death will be sold and donated to charities along with any remaining cash.