My parents should die in around 5 years because of cancer but I don't want their money besides a 2 ok or so and a painting that I have always liked. How do I tell them that I don't need their help? I can make $$$$$$$ without them, not that I care. I'm just not planning on having kids ever. And I want the challenge of having no help... How do I tell my parents I don't want the money. Not that it's tons. I want the extra 100sK to go towards my nephew's and nieces education and I'd like the painting and couple extra Ks here and there in case i need them but not huge amounts
2007-12-22 20:47:38 · 9 answers · asked by anon 1 in Politics & Government ➔ Law & Ethics
I have been down this same road with parents, grandparents and several other relatives. Noyhing is ever the same but I have learned a few things.
I too have been successfull in life and am quite capable of providing for myself. I have railed against people saying OK, all are well so why don't you do something great for yourself like take a trip. All are well and the family will help each other so celebrate a life and have some fun.
Conversly though by your parents wanting to give you the money means they trust you. They could give the money to others for education and whatnot but they are young so the money could be blown on a car something. The parents could spend it.
You on the other hand could do many things. Invest it wisely. Parse out the earnings when needed and appropriate. Say a niece is failing out of college. But a nephew is kicking butt and needs money for books. The money your parents gave you would be best used for the nephew.
The basic point is that it can be tough to have this mantle upon your shoulders. But you... by being caring do so. It is a far greater challenge to do this than to say I don't want anything. Your parents will as well appreciate this.
2007-12-23 04:27:02 · answer #1 · answered by jackson 7 · 0⤊ 0⤋
When you get your inheritance - set up an education trust for your nieces/nephews then. Or donate the money to charity. Or you may find that you have a need - such as investing the money now while your young sot hat you can put it toward retirement.
That's what I'd do - if I did not think I needed it now - put it in my IRA.
But, Suze Orman has a good piece of advice for this type of thing - when people inherit money - she recommends that they put it in the bank and not touch it for at least 1 year. The money has emotional ties to it. Giving it a year before you do anything gives you a chance to work through the emotion associated with the money before you make any moves that can't be undone.
2007-12-23 08:02:13 · answer #2 · answered by Boots 7 · 0⤊ 0⤋
Time for everyone to sit down, plan the will, and maybe set up a trust to be administered by you and others to minimize tax issues and make sure the kids have the money for education, but others have access in case their needs change
2007-12-23 07:17:48 · answer #3 · answered by wizjp 7 · 0⤊ 0⤋
Straight up. Explain how you feel. If that doesn't work, you can give a gift of up to $12,000.00 to each relative. A fund for education would be an idea for each child. Your selected charities is another. There are plenty of needy people.
2007-12-23 05:00:11 · answer #4 · answered by debop44 3 · 0⤊ 0⤋
not likely to die in five years because of advances in medicine but if you want to kill them sooner just explain to them your feelings. they may surely die knowing they created something as stupid as you. usually me and my buddies when we go to McDonald's and order off the dollar menu we always discuss how a hundred thousand dollars is not a lot of money. no point of the luxury of a big mac once in a while...nah you don't want the chump change...you want the priceless Picasso
2007-12-23 11:27:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋
What's to stop you from giving some to your nephews and nieces yourself once you get the inheritance?
2007-12-23 04:59:50 · answer #6 · answered by Michael S 2 · 1⤊ 0⤋
if they decide to leave it to you, that's their decision. After that it's yours to do whatever you want with. You could ask them plainly to think more of their grandchildren and they will take it into consideration.
OR, if they leave it to you (with or without your request) remember that it's yours to do whatever you wish with, so you could invest in savings bonds or college funds for your nieces and nephews in their name =)
2007-12-23 05:02:53 · answer #7 · answered by Laura 5 · 0⤊ 0⤋
How do you tell them? Just tell them! Request them to structure their estate plans accordingly.
2007-12-23 10:27:43 · answer #8 · answered by npk 7 · 0⤊ 0⤋
You have two options:
1. ask them to donate it to charity or give it to another family member instead of giving it to you
2. donate or give it away once you get it.
2007-12-23 05:56:27 · answer #9 · answered by Anonymous · 0⤊ 0⤋