Submitted 3 days ago by Today@lemmy.world to showerthoughts@lemmy.world
There’s a financial ‘sweet spot’ for my kids regarding when i pass. Before retirement we’re still adding to savings. After retirement it gets tricky with health and lifestyle.
I’d hope you have more value to your kids than a chunk of money.
Sure money is always helpful, but I’m in no rush for my parents to kick the bucket. I’d rather they run my inheritance down to zero if it meant they got to stick around a bit longer.
Keyword: “Financial”. I would rather inherit nothing than lose my folks before their time. Money is fake anyway, they are not.
One stops by frequently and calls or texts daily (I’m home, Love you guys, cat photos, …). The other hasn’t spoken to us since July. This made me realize that we need to choose an executor that’s outside the family.
Your kids should inheirit the desk your great granpa mades, those plates that have been in the family for years. Your lost $40 should be used to pay the taxi driver who brings you to the hospital where you die.
give them love now. Teach them to care for thenselves. They should expect to get nothing. Spend your money yourself for what makes you happy.
Don't give the bills - pre-pay your funeral. (Careful - there are a lot of scams here).
Have you spoken about family trusts with your financial advisor?
We did wills and trusts for our moms before they passed (i fucked up my mom’s trust and had to probate) but we haven’t done our own yet. That’s our January plan.
Zealotte@lemmy.zip 3 days ago
And this thinking will lead some to feel worth more dead than alive, and that is very sad.
the_q@lemmy.zip 3 days ago
Capitalism is to blame.
Cobrachicken@lemmy.world 3 days ago
Well one can also gift part of it during lifetime.
snooggums@piefed.world 3 days ago
In the US, gifting it directly while living counts as taxable income but a huge amount can be inherited tax free. Also, gifting it shortly before taking advantage of benefits that require spending all your money first may consider gifting as fraud.
It is a stupid system.
XeroxCool@lemmy.world 3 days ago
If you have good planning skills, then you realize you can’t predict the future, only plan for multiple routes. My parents have no intention of dying soon. The longer they live, the greater the chance of needing to pay for care for both declining health and incidental injuries. Will they end up in assisted living? Or will a fluke kill them just before admittance? Say they budget perfectly for 10 years of assisted living, give me the surplus, and dimentia kicks in to the point they need full nursing home care. What do I do, liquidate whatever I’ve used the funds for to return it to them? That’s trusting I even have enough cash and equity to convert.
So yes, they can do things now, but responsible planning in my country doesn’t involve going broke at 80. You may think something like “euthanize me before the home” but that concept is more fun when it’s decades away. I’ve watched dimentia, alzheimers, and neuropathy bring decline and have said the same. I bet you when I get up there, I won’t feel like I’m done here.