Lots of elderly people still think that they should leave money, property etc. in their Will for their kids. Personally I think that we should all make our own way in life and not rely on handouts from our parents. I would rather my folks enjoy their capital whilst they are alive. What do others think? It seems that society is changing and 'younger, older people' think that they should spend their hard-earned dosh on themselves. As a child/ grandhild - are you more mercenary than me? Should we encourage our parents to spend 'our inheritance' on themselves. or persuade them to stash it away for us, or the grandchildren?...
2006-09-05 08:56:57 · 74 answers · asked by zuffin 2 in Family & Relationships ➔ Family
I agree with you 100% My grandpa passed away a yr. ago and now I get on my grandma all the time to spend their hard earned money on anything and everything she wants.They worked hard for that money and it's theirs to spend on anything.But,she insist that she's afraid that it will run out if she spends it ridiculously.I know they have more than what I could spend in a lifetime in the bank and invested.She grew up poor and then went through the depression and is used to hording money.So I just keep my mouth shut and let her do what she wants to.It's her money and she insist on keeping it.Even though she tells me it's not her money but,her kids inheritance.Just cant talk any sense into someone who's lived as long as she has.
2006-09-05 09:05:07 · answer #1 · answered by mygrandparentsrthebestintheworld 3 · 7⤊ 3⤋
I think it depends on how well the children and grandchildren are doing in life. Maybe if parents already saw to it that the kids got a good education, it should be enough. Then they could enjoy it themselves or spend it on medical expenses and home care while they are near the end. I like the reverse mortgage idea myself. If I had kids, I would want to leave them something. It wouldn't have to be a fortune though.
2006-09-05 09:01:38 · answer #2 · answered by kurticus1024 7 · 5⤊ 1⤋
Truthfully, parents are just the vehicle to get us here on this planet we call Earth. It comes a time that we begin to make our own way with our own opinions, we make our own mistakes and live life our own way. Most parents do it because they want to or because it's whats expected. Others do it to keep the money in the family and to keep their children from having to struggle. If parents leave us an inheritance it is icing on the cake, but in all honesty they are not obligated to leave us anything.
2006-09-05 09:06:33 · answer #3 · answered by musicisme 2 · 6⤊ 0⤋
Depends on the situation. My friend is the youngest of 3, and she's the only 1 who's disabled. She has put plenty of money into her parents' house (double glazing, boiler, etc) while they are still alive, unlike her siblings. Since she will never earn enough wages to get a mortgage and her siblings have homes and full-time jobs, she wants just the house. I see nothing wrong with this, but her brother does. He is always after handouts, which I totally disagree with.
2006-09-05 12:41:06 · answer #4 · answered by Anonymous · 5⤊ 1⤋
The problem with so many people these days is that they expect things to be given to them. If parents or grandparents worked hard to earn that money and they see their family not respecting the way to handle money and be responsible, then they should leave it to someone who will. It can be left in a trust fund for the grandchildren.
2006-09-05 08:59:41 · answer #5 · answered by diturtlelady2004 4 · 5⤊ 1⤋
My parent's and grandparents' philosophy is to spend it on their kids and grandkids while they can enjoy watching us and the other kids enjoy it with them. I would much rather them enjoy their hard earned money and retirement savings while they are alive than be worrying about saving it up to have something to leave me when they die. It seems like an empty sort of gain, if all I have of my parents when they are gone is a few bucks in the bank.
2006-09-05 09:05:53 · answer #6 · answered by lucybelle 3 · 5⤊ 1⤋
The problem is that you don't know how much money you will need for retirement, you could live extra long, require extra care or there could be unanticipated problems with the economy.
So it would be best to save maybe 1.5 times the recommended amount. If you die early, without a lot of care and with no economic problems then the kids luck out moneywise. If the opposite occurs, then the kids need to kick in some money, but it is a reasonable expectation since you saved appropriately.
If somehow I over save, I am going to want to make sure my grandkids' college educations are covered first, but I am going to want to take them on some trips as well. I wouldn't want to spend the money on myself because I'd be dying soon, but I would spend it on building memories of myself with my relatives.
If I have extra, I'd rather buy my children a new car than stash my money away and give them the inheritance after I die. It would be more enjoyable for me to see them driving a safe new car.
I think you can build an economically stronger family if you do hand out money early in your children's adulthood. It is better for them to own a house than rent one. Building up equity earlier allows them to live in a better neighborhood and allows the grandkids a better education.
My dad died and gave $250,000 to a university. I had saved for my kids college but an unexpected event wiped out those funds. Given that colleges have raised their fees 1 and 1/2 times the rate of inflation, a private university is going to be $65,000 the first year for my son. Needless to say that $250,000 would have made a big difference in his life. While I understand my dad is perfectly entitled to hand away his money, I wish he had made the effort to set it up in a tax-free trust fund for his grandkids.
2006-09-05 09:20:35 · answer #7 · answered by Anonymous · 5⤊ 1⤋
Well it's a personal question that everyone needs to consider for himself. I have told my father (71) to spend as much as he wants on himself, and that I don't expect to inherit. And he has told me (46) how much he expects to leave me, which is a significant number. I don't feel I'm entitled to a cent. But if he wants to leave me something, then that's just a nice surprise. I make a good living and am pretty well set for live on my own. But my Dad, despite my attempts at asking him to spend and enjoy his money, may about double my net worth. This fact leaves me with mixed emotions. Ideally, we'll both live a long long time and enjoy it together.
2006-09-05 09:05:00 · answer #8 · answered by TechnoRat60 5 · 5⤊ 1⤋
I think they should spend the money on themselves, and if there is any left over, leave it to family, etc.
On the other hand, if your parents or children need financial help, don't be selfish. Help if you are able. There are enough struggles in life without creating artificial financial hardships, especially for people (in school, etc) making obvious efforts to "make their own way in life". Nowadays it takes a long time and a lot of education to prepare yourself for your future. In the meantime, you need rent money, food money,etc.
2006-09-05 09:01:30 · answer #9 · answered by mollyneville 5 · 5⤊ 1⤋
I think that everything they have right now when they are alive they should spend on themselves, anything they want. If when they die they have property or anything that they could leave to their children, of course they should leave it to them, not anyone else. I don't think they should stash anything to leave for their adult children,they already spent a lot on their kids when they were growing up, they should enjoy their money, use it on themselves, they are the ones who earned it!
2006-09-05 09:03:48 · answer #10 · answered by jade 2 · 4⤊ 2⤋