Inheritance

I'm like Warren Buffet and Bill Gates. I don't believe in the lucky sperm club. To paraphrase Warren Buffet. I would give my kids enough where they could do whatever they want, but not enough where they could do nothing at all.

 

So your only going to leave your children a few million instead of a billion?

 

Yeah, except there was a 60 Minutes piece about one of Buffet's sons already having a prominent place on the Berkshire Hathaway board, with the expectation that he would take over on Buffett's death/retirement, despite the son having virtually no education/experience and spending his days worrying about his pet charity, particularly South American agriculture, instead.

They painted him as a fat entitled slob, despite that particular Buffet quote.

 

This. I'd give my kids, grand kids, and great-grand kids up to 750k, with the condition they use the money on education. The higher degree, the more money they get, but only enough for tuition and other college expenses.

 

I'm leaving my money to KingCheetah so he can win the rap title. Should get him some ****ing awesome equipment.

I might leave a little bit for Kam for taking care of my lazy wife's jacket since he's held it for her since November.

 

I find this to be exceedingly hilarious since i find warren buffet to be one of the biggest blowhards around. Anytime theres a headline with buffets name in it i already know its gonna be some bs altruistic thing coming out of his mouth that i know hes jusy spewing for the same reasons ahole capitalists like carnegie and rockefeller gave away all their money at the end of their life. If buffet really wanted for his words to mean something hed give away all his liquid cash right now instead of when he dies.

 

My grandfather left all of his money in a trust that paid interest to my Dad, and then after he died, my siblings and I got the original sum.

My Dad sued us at first, which was awesome. We opted not to hire a lawyer as we had no intention in counter-suing our father. Eventually he realized that this path was toxic, so he cut us a deal where he dissolved the trust, gave us each a lump payment which we invested in our kid's 529 plans, and then paid our 2011 tax impact.

It more or less sucked. I'd have preferred that my grandfather spend it all on strippers.

 

So what will become of your parent's stuff?

Rocket River

 

It's their money they can do what they wish. But I would want to leave behind what I have earned to my children and their children.

If I get stupid rich than I'd probably give a lot to charity I wouldn't want my family to be lazy...

 

I doubt Howard Buffett is going to take over Berkshire Hathaway.

 

Lots of interesting opinions in this thread. I don't have a family, but if I did, I'd give them everything once I died simply because they're my family. Unless, of course, they're meth heads or idiots. :grin:

 

I have a friend who comes from a rich family in Taiwan. Apparently they own the equivalent of Macy's there or something. But all children in the family have all of their education expenses paid for, no matter which school they go to wherever in the world, until they work. So all grand children, great grand children, ad infinitum.

 

I don't expect anything, except that I would currently inherit my dad's CPA firm. Other than that, I know I get nothing from him, and even still, I fear a legal fight with my stepmother over the value of the client list. I really hope he doesn't go before her.

My mother and stepfather, who have considerably more wealth, are an unknown to me. I assume that they will probably split it between the 4 of us children. I certainly think they could skip us, if we all have children, but at this time neither of my stepbrothers have had children, while my brother has 4 & I have 2.

I've got 20 years before I'm going to start worrying about inheritance. They are both in good health, and I know they have wills and I know what they want done with their bodies.

 

I'm sure I'll get something and my sisters and I have all claimed which furniture we want, but we always tell them our hope is they enjoy all the money they can before they pass.

 

I told my folks to start spending my share of inheridence on vacations and frivolous spending.

 

Generally, parents still love their adult children and would like them to have an easier time than they did. Why do you think it is 'inappropriate and soft' to want to leave your kids more well off than they were?

 

It kinda begs the question why have kids anyway if you are not building a family unit? But, I am a big believer that family money should be carefully protectected from abuse and dissension. Trusts with strict distributions, specifically crafted can prevent a lot bad situations from ever arising.

I've seen too many people with big inheritances become worthless slugs, partly because they know they can, so why try, and some because their rich parents were disfunctional drunks before them. A couple I have known have ended in young suicides.

I've also seen families torn apart from dividing assets. When the lawsuits start, family holiday dinners end. It can be the most petty items too. You have to leave a will that spells everything out.

 

In some instances, the inheritance tax can be devastating.

If you grew up on the family farm, and now run it for your dad..you inherit it and have to immediately to sell it to pay the taxes..now you have no job. Is that fair?

How about inheriting the family business and have to sell it for the same reason?

I don't like the inheritance tax at all - whats in the family should be able to stay in the family without a penalty.

 

IF you sell it and end up with millions of dollars, that really doesn't seem to unfair.