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Dec 30th, 2023
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 Re: Early Inheritance
[Re: Jpurdue]
#14041200
06/23/21 07:46 PM
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Joined: Jan 2005
Posts: 4,663
TexasZman
TFF Team Angler
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TFF Team Angler
Joined: Jan 2005
Posts: 4,663 |
My dad added my sister and me to all of his accounts, home title, car title, etc., shortly after mom passed away.
So, when Dad passed, we were already owners. No inheritance or tax issues.
Be Inspired, Inspire those around you.
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Re: Early Inheritance
[Re: Jpurdue]
#14041372
06/23/21 10:36 PM
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Joined: Oct 2004
Posts: 38,822
KingwoodCat
TFF Guru
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TFF Guru
Joined: Oct 2004
Posts: 38,822 |
We bought our lake house intending to leave it to our sons as a nice inheritance and something neither of them is ever likely to be able to buy. Turns out neither wants it.
"Any man who thinks he can be happy and prosperous by letting the government take care of him had better take a look at the American Indian".
Henry Ford
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Re: Early Inheritance
[Re: Jpurdue]
#14041373
06/23/21 10:38 PM
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Joined: Dec 2009
Posts: 8,633
blooper961
TFF Celebrity
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TFF Celebrity
Joined: Dec 2009
Posts: 8,633 |
Help your kids when they need it.
They will get it when your gone anyway
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Re: Early Inheritance
[Re: Jpurdue]
#14041383
06/23/21 10:47 PM
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Joined: Sep 2016
Posts: 9,420
Floon Swenson
TFF Celebrity
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TFF Celebrity
Joined: Sep 2016
Posts: 9,420 |
Here is my experience over a long time:
Kids that get a ton of money - they mostly absorb the suck fully.
Take from that what y'all will.
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Re: Early Inheritance
[Re: Floon Swenson]
#14041387
06/23/21 10:51 PM
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Joined: Sep 2016
Posts: 9,420
Floon Swenson
TFF Celebrity
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TFF Celebrity
Joined: Sep 2016
Posts: 9,420 |
Here is my experience over a long time:
Kids that get a ton of money - they mostly absorb the suck fully.
Take from that what y'all will.
I'm not disagreeing with anything you're saying JP. I'm just adding a little bit of tactical perspective.
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Re: Early Inheritance
[Re: Davedave]
#14041402
06/23/21 11:16 PM
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Joined: May 2007
Posts: 40,366
WAWI
TFF Guru
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TFF Guru
Joined: May 2007
Posts: 40,366 |
Hell 85 or 90 percent of the population wont have anything to leave them anyway. Lol I have I goal of zero principle usage during my retirement whenever that may come. I plan on 100 percent of my accumulated wealth to transfer to kids. I have never understood the thought process some have where they don’t want to leave anything for their kids. I definitely want to leave mine a good chunk. I know there are some that would waste it. But, there are tons of examples where folks inherited money, and grew it from there. It’s a whole lot easier to make money, if you have some money. I want to give my kids as much of an advantage in life as possible. My driving force has always been for my kids to have a better set of choices than I did. I think people should try and leave the next generation of their family a little better off than they had it.
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Re: Early Inheritance
[Re: Floon Swenson]
#14041419
06/23/21 11:33 PM
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Joined: Apr 2014
Posts: 8,379
Jpurdue
OP
TFF Celebrity
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OP
TFF Celebrity
Joined: Apr 2014
Posts: 8,379 |
Here is my experience over a long time:
Kids that get a ton of money - they mostly absorb the suck fully.
Take from that what y'all will.
I'm not disagreeing with anything you're saying JP. I'm just adding a little bit of tactical perspective. I'm not following you floon with the "absorb the suck fully" comment. Not sure what that means. In any case, I'm not advocating giving kids money. I'm arguing giving money to your adult children in their 30's or 40's could generate a lot more positives in their life than giving them a pile of money when they are 60+. I'm not likely to get much of anything from my parents so just something I'm thinking through for my own kids.
"Bragging may not bring happiness, but no man having caught a large fish goes home through an alley." -A.L. www.LunkerLore.com
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Re: Early Inheritance
[Re: Jpurdue]
#14041443
06/23/21 11:52 PM
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Joined: Feb 2018
Posts: 15,194
Sawhorse
TFF Guru
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TFF Guru
Joined: Feb 2018
Posts: 15,194 |
Solve the problem by giving it to your grandkids instead of your kids. Besides, the grandkids are the ones that had to endure your kids as their parents.
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Re: Early Inheritance
[Re: KingwoodCat]
#14041456
06/24/21 12:05 AM
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Joined: Apr 2021
Posts: 335
drift4fish
Angler
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Angler
Joined: Apr 2021
Posts: 335 |
We bought our lake house intending to leave it to our sons as a nice inheritance and something neither of them is ever likely to be able to buy. Turns out neither wants it. Is that you uncle Bob?
Liberalism is a mental disorder
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Re: Early Inheritance
[Re: Sawhorse]
#14041479
06/24/21 12:35 AM
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Joined: Jan 2011
Posts: 292
wiredog
Angler
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Angler
Joined: Jan 2011
Posts: 292 |
Solve the problem by giving it to your grandkids instead of your kids. Besides, the grandkids are the ones that had to endure your kids as their parents. Thats my plan.
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Re: Early Inheritance
[Re: Jpurdue]
#14041556
06/24/21 02:09 AM
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Joined: Nov 2017
Posts: 146
Fish2Chill 1
Outdoorsman
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Outdoorsman
Joined: Nov 2017
Posts: 146 |
I generally agree with the OP in terms of the concept. But have several concerns. One, how much to hold back if us, the parents are around 60 years old for living expenses, future nursing care, etc. for the next possibly 20-30 years.
Two, while i want to make kids lives easier there is concern that it will create disincentive to work hard which in my book is at least part of living a good life. It seems each generation has a slightly higher requirement for "comfort" which is fine as long as proper balance is maintained.
Yes, I do have some of the Dave Ramsey philosophy in my DNA.
Interesting discussion.
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