Home Forums Hunting & Shooting Hunter's Campfire Need to vent on generational wealth

If you die before your wife, You won't care what she decides.
If She goes first, do what you want. She won't know or care. It's your money, do what you want.

If you want your heirs to have something of yours, give it to them before you die.

Donate it to the political campaign of your choice.

Politician know how to spend money wisely.

Snark Snark (sarcasm font off now)

I'm leaning like some others. Put whatever aside, if any, you deem fitting for the daughter and use the rest money to enjoy the fruits of your labor the way you choose to.

AS fats pointed out, if your wife is not on the same page as you and your desires, seek counseling as there will be issues in my experience.

I know from your other posts you like IA, but personally I'd be thinking of a move to a nicer State. Something with mountains and elk and such, and not so much corn and flat land.

Guys, here's a reality check as it relates to this subject.

When a parent begins leaving the stove on, falling down alot, ending up in the hospital for all of the above and more, things change dramatically, financially, and quick. You go from a senior living at a home that's paid for to assisted living where they make sure parent takes their pills, check on them several times a day, etc for about $8K a month. When the parent can't be left alone for whatever myriad of reasons, full time care 24/7 caregiver runs $20K plus a month, plus whatever the residence cost, plus living expenses.

This adds up to to $25K a month, $300K a year. A million bucks is basically three years care.

Do you have a Last Will and, if so, what does it specify?

If you don't it won't matter what you and she agree to do today because she will get it all regardless. If you do, she can choose to take an Elective Share of whatever the Will specifies doesn't go to her so she'll get 1/3 of that even if she doesn't contest it.

Spend it on yourself or spend it on lawyers to make sure it goes to strangers later...choice seems clear.

Sadly, as long as you are married, whichever of you lives the longest will decide where the money eventually goes.

Child Fund is a good charity.

For your personal future, there are insurance programs, shop wisely.

Places I know let you move in at 70. You give them 800k cash. You get a very nice condo in a very nice complex. You stay in that condo until you die, or need assisted living at which time they move you into a unit on that side of the same property. All inclusive. When you pass, any money you haven’t used gets paid back out to who you choose. Just an option.

Other than that, get out and enjoy this planet! It’s a one and out deal! Enjoy yourselves! Leave a bump for the kid and as someone else said St. Jude’s for children and the Shriners children’s hospital are wonderful places. All kids deserve a shot.

My only caution is whatever you do lock it in in concrete, twice. With a stepdaughter and “partner” like she has you know they’ll go to extremes to get it all.

There is only one thing more sacred to me than what one chooses to do with their hard earned gains in their one and only visit on this earth, and that’s what you choose to have done with your remains.
Make sure both issues are locked in stone, twice over.

Good luck
Osky

lol we differ there I want to go north, always wanted Minnesota or Wisconsin til they turned so liberal, if Iowa had more lakes would move further north here
Have got it down now to move north then rent her a place a in Florida for a couple months a year
Yes I know the costs of assisted living just got done with my mothers. Yes will spend some on us for sure and with my withdrawal plan there won’t be much left after 75 except for assets and saved cashed and if there is SS. Life insurance expires at 75 as well

Hookers and blow

Start reading about Trusts. An irrevocable trust would be the most safe way to protect you from the “Wolves”. Most people who receive large amounts of money usually destroy themselves and others by poor choices in life. A friend of mine has a stepson that inherited 3 houses paid for that was originally bought by the grandparents. In 6 months the money/ houses were all gone. The kid ended up living in a cargo container and was a car salesman at the time. I could go on and on about these typical scenarios. A standard trust can be worthless as if you have health problems , a person listed in the estate , ( including but not limited to) can file the paperwork to take over your estate. I’ve seen this twice. In my own situation, no wife or kids, I intend to leave most or all to the library in the town I finally reside in. Your current wife should be protected by giving her life tenancy in the house you have. You need to be fair with her.

As a Christian, I’m sure you are very much aware of the funds need for Christian organizations to fulfill their missions.

And waste the rest of it

As long as they don’t include smuggling illegal aliens into the US, or providing succor once they are here I’d agree.

It’s not just the papists and Lutherans, even the Mormons are balls deep in it. At least in my little corner of the world.

I’d shy away from any religious contribution.

Spend it Die with memories and share those memories with who you want to someone that will cherish the memories you made with them long after you are gone. That's where I am at. Next week I am taking my brother and his wife to Panama. I know they couldn't afford it but I wanted him to experience this place with me and meet the friends I've made there. So we are traveling the country for 10 days

That’s awesome

Spend your money while you're living. I've got kids and grandkids that I love, but they need to make it on their own. If they get any money from us when we are dead, it will just be because we couldn't figure out how to spend it all.

What happens to the money once you are dead, who cares. You'll be dead. You can give it to a good cause but that doesn't mean they will use it in a way you'd approve.

Dying with a big ole pile of money in the bank won't impress anyone. You made it. Enjoy it.

I would hate to love my money more than my wife, or stepdaughter.

It’s not about love for my wife or for her daughter it’s for the freeloading piece of crap the daughter is with
The daughter will get something it’s just how much

IA Fog: Good luck with settling this issue FAR IN ADVANCE of when it should come about!
I suggest allowing your wife to give her HALF of the estate to whomever she wants and that YOU dedicate your HALF of the estate to charities/causes/organizations that you choose.
There is half a chance (sadly) that your wife will outlive you and she could decide to bequeath ALL of the family estate to her daughter (this is the sad part!).
Like others have suggested make YOURSELF happy with your accumulated wealth to the extent YOU decide to.
The VarmintWife and I have settled this "estate" business via wills. We have taken care of our four VarmintChildren and with the rest of our monies we are busy vacationing, travelling, visiting distant relatives, driving new dependable cars, enjoying our hobbies and staying on top of our health care.
Again good luck in getting this issue settled to you and your wifes desires.
57.... you're just a kid - I think you have 40 more years to get this in order and I think you should not even worry about this for another 13+ years!
Hold into the wind
VarmintGuy