Money For The Kids

Englishman

Driving up the M5 the other day. I got caught in a traffic jam, so I pulled into the outside lane which seemed to be the one that was moving most rapidly. In the middle lane, just ahead of me, was the most beautiful car I had seen in ages. A brand-new light green open tourer with a delightful burble emanating from the exhausts. A Morgan!

As I pulled alongside, I was able to see the couple sat happily in their lovely car. About early 70's I reckoned, he in a peaked cap, she snowy haired wearing a gauzy scarf. Wow, they looked so happy!

But this is what caught my eye: A sticker on the front quarter light that read: "We spent our children's inheritance!".

This really got me to thinking hard. Children's inheritance? Well, mine went to the WTBTS, so I am committed to having to earn a good living, leastwise until the mortgage is paid that is. So should I be planning on leaving something to my children maybe?

The kids say forget it Mum and Dad, have fun, travel, see the World, spend spend spend! But, the thought persists, just because mine was blown, shouldn't I be trying to accumulate a nest-egg for my boys? Or will this most likely take away their ambitions to make some money of their own?

What do you think? Do you want to leave some money to your kids? What are the options that are available?

I'd really be interested to see what ideas others may have.

Englishman.

Edited by - Englishman on 3 September 2002 14:49:47

BluesBrother

Spend It

Armageddon might come tomorrow

Only joking about the big A.!

DakotaRed

As of now, everything I have would go to my daughters. I have enough insurance to cover burial and can get a free grave marker from the US Government. I have told them that after the services, I would prefer cremation, mostly to avoid an expensive funeral. Of course, both have stated they want the flag that would be draped over the casket.

Other than that, I have no real money to leave them, only possessions. Both want my tools, one wants my antique toy airplane, the other wants my record collection. What they do with the rest doesn't really concern me.

But, both of my daughters really have no need for an inheritance. Neither is greedy and both have good careers going for them and both own their own homes. So, other than keepsakes to remember me by, I intend to spend what I have on myself and enjoy life. If either needed anything I have now, they are welcome to it. But, I do not hold back doing for myself so they will inherit money.(lol, which I really have none of anyway)

Lew W

Fe2O3Girl

I am sure that any decent person would rather see their parents living life to the full and having things that they want, that their parents saving to leave a capital sum that you have to pay inheritance tax on any way. Also, don't forget that Tony Blair will take it all off you any way if you need long term care when you are old.

Buy a Morgan! Have fun!! Blow the lot!!!

safe4kids

Hey Eman

My kids are a bit young yet (does that mean I am too?! ) for me to worry about spending their inheritance; right now, I'm mostly concerned with paying the mortgage, keeping them in shoes and figuring out how to pay for their college educations. However, from an adult child's perspective, I have no desire to gain monetarily from my parents' deaths (which is a good thing, as they have nothing to leave!). I am content to make my own way in the world. I do have insurance, of course, so that if something were to happen to me, funeral expenses and the like would be taken care of, with some left over to provide them with a little nest egg. I wish that my parents had some money so that they could enjoy their lives more and I personally feel that you and her ladyship should enjoy what funds you have, while you have them and are able to enjoy them. I'd be willing to bet that your children feel the same way.

Dana

HappyHeathen

When I hear about someone inheriting a nice sum of money, I admit to being a little envious. My four siblings and I will inherit zip from my mom when she goes. But we have always known it would be that way and whatever we have we have earned entirely by our own wits and hard work. There's a certain amount of satisfaction in that, really. I also look at it this way ...my mom is able to care for herself with social security and her small retirement, and I am grateful for that. Some people are not so lucky and must dole out of their own pockets to help out their folks.

I'd like to leave something to my sons, who are 19 and 21 now, but not much more than $20,000 or $30,000 each, just enough to help them get into a house (if they haven't already done so when I kick the bucket) or buy a nice car. I honestly believe that inheriting a large sum of money causes more heartache and problems than people can possibly imagine. But being poor also sucks ....a happy medium is nice.

When it comes time to retire, I will take care of myself first and travel and spend as I please but keep my fingers crossed that I don't have to spend all my investments so my kids will get something when I'm gone.

Faith

Dutchie

I believe that all of my children are very intelligent and can be self-supporting. However, I would still want to leave them an inheritance if I could.

In this economy anything can happen. Suppose they lost their job and it takes them a while to find another one? Suppose a catastrophic accident happens to them or their spouse? In addition to the loss of a paycheck from employment, we know that medical bills can wipe out any kind of a savings, even when medical insurance is involved.

I don't want to support them. I just want them to have a cushion to fall back on in case the unexpected happens.

My parents left me and my siblings a little inheritance when they passed away and that money has saved me more than once. I want to do the same for my children.

Mulan

Neither my hubby or myself received an inheritance. His parents died without money, and mine live with us, because they don't have any money.

My grandmother left her stuff to my aunt, who was planning to ship priceless antiques to her daughter's daughter in law, when she moves away to live with her son. I wanted them VERY badly so I offered her a great deal of money to buy my grandmother's things from her. Money talks!! She accepted. These things aren't valuable to anyone but a family member or possibly an antique dealer.

I would love to leave money to my children. But, it is a long ways off, I hope...............we are talking about death here!! I am only 56 (for a few more days anyway), so am not thinking that way at this time. We are slowly putting money away, for retirement. If there is any left, the kids will definitely get it.

Simon

I'm seriously considering starting a pension for ours (even though they are only 3 and 5) ... the earlier you start them the better !

The only thing that puts me off is whether the investments will be there in 50 years time? It is a way though that people with moderate incomes can leave a large amount for their kids.

It's only recently that we have been properly planning for our future and having to play catch up ... I hope I can leave them something or at least not be a burden to them and who knows, we may have grandkids to spoil one day (we'll get to fill them up with coke and sugar and then 'give them back' ... revenge !!!)

ozziepost

The only thing that puts me off is whether the investments will be there in 50 years time? It is a way though that people with moderate incomes can leave a large amount for their kids.

Chances are it won't be. "Been there, done that" - we lost.

However, I do think it's good to invest in something for later on, if not for the kids. Maybe the good old "bricks and mortar"? After all, the WTS does, so they might know a good thing!

Cheers, Ozzie

Money For The Kids - or Not?