Do you think the ultra-rich should leave their kids an inheritance?

Katherine - posted on 06/20/2012 ( 8 moms have responded )

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Yes and no. I think it should be a trust. Something they can't get to until they're 21 or so, or maybe older. Until they are mature enough they will just spend it all away. I did.

I look back now and could kick myself!

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I don't think anyone should just be given an inheritance regardless of how rich mom & dad are. That said, I think that if parents do not teach children to take care of themselves they need to make sure the children have enough money to pay people to take care of them once the parents are gone. Like, if they've always had nannies, maids, cooks, and accountants, parents need to teach the kids to do those jobs for themselves or make sure the kids will always have enough money to pay people to do them.



That said, I am leaving J an inheritance, but it is conditional. He doesn't get it unless he meets certain expectations. If he fails, it's all going to the homeless organizations I work with.



ETA Not that I'm ultra rich or anything, but I think we all follow the same rules and stuff

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8 Comments

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Marciau - posted on 08/07/2012

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My husband was glad that he was left an inheritance by his father and mother.
His mother passed away with cancer and his father had a lady friend for about 2 years.
Half of the house they lived in was left to my husband by his mother and his fathers half was willed to him.
His father got dementia and the lady just walked away from the situation.
We cared for his father for about 18 months and he spent the last 6 months of his life in a nursing home.
The day after his father passed away the lady came around and demanded the house and his money.
She was so interested in Dad she never even went to visit him in the nursing home.

Marcia

Teresa - posted on 06/23/2012

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That's their business. I just don't think the heirs should know exactly what they are getting and just know that there is a will. Many families have been torn apart because someone didn't have a will. I think it's a shame for a family to break up over something they don't even own yet.

Stifler's - posted on 06/23/2012

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I think I will leave my kids my estate aka my insurance money from when we drive our winnebago off a cliff. I doubt I will get anything when my parents die. we got a grand total of $25 000 when damo's dad died.

Bethany - posted on 06/22/2012

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i like the idea of them working for it :) having said that i dont think that tom will get one but, if he did it would come with a condition of him having worked for x years and done at least some community service. if he cant forfill this then he gets bupkis but like i said i dont think he will have much except for a credit card debt but heres hoping that this year will be the year that we dont stuggle and can keep ourselves in the black :)

Firebird - posted on 06/21/2012

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Enough that they can do anything, but not so much that they can do nothing. That's what Bill Gates is leaving his kids.

Denikka - posted on 06/21/2012

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I'm with Kristi XD share the love...and the cash!!!

Really though, I agree with Kelly. I would love to leave my kids/grandkids some money when I die. But certain stipulations would be in place. They would have to be of age (21-ish) among other things.
If I was super-ultra rich, the same thing would apply. Certain stipulations would have to be met. In the super-rich scenario, I would dictate what if could be used for, and potentially give a monthly allowance until it runs out. Say, $1000 a month. Not enough to just live on that, but enough that it's a nice little bonus each month. I'd allow them to use the rest of the inheritance for things like education, buying a car, down payment on a house, a certain amount to help pay for a wedding, etc. But I would absolutely dictate that no more than 50% of the cost could come from the inheritance. They would have to make up the rest themselves.
I totally do not agree that people should just be handed huge chunks of money. They still need to earn something for themselves.

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