If you've been fortunate enough to amass and well-manage enough wealth that you have more than you'll use up at the end of your life, what should you do with it?
First, let's address your end of life.
One of the best gifts you can give your children is to avoid burdening them with your care should you become unable to fully care for yourself. I know some people think it's honorable or otherwise positive to have a son or daughter being the nurse for their declining mother or father, but all things considered, it should be avoided. Please understand, I'm not saying that that the sons/daughters shouldn't be present. They should. They should be present. They should visit. They should sit and talk with their parent. They should take them on outings in so far as it is possible. They should make sure they are being taken care of well. But an elderly parent who is suffering mental dysfunction/memory loss or is otherwise unable to maintain their own health, hygiene, safety, and comfort, needs trained, objective professionals providing that hands-on care. That is there the money should be going before anything else is considered: a good retirement community, in-home care, whatever will work.
OK, assuming plans and insurance have been made for that, what then?
These days, I agree with Dennis Prager's idea: pay for your grandkids to be out of public school.
First, let's address your end of life.
One of the best gifts you can give your children is to avoid burdening them with your care should you become unable to fully care for yourself. I know some people think it's honorable or otherwise positive to have a son or daughter being the nurse for their declining mother or father, but all things considered, it should be avoided. Please understand, I'm not saying that that the sons/daughters shouldn't be present. They should. They should be present. They should visit. They should sit and talk with their parent. They should take them on outings in so far as it is possible. They should make sure they are being taken care of well. But an elderly parent who is suffering mental dysfunction/memory loss or is otherwise unable to maintain their own health, hygiene, safety, and comfort, needs trained, objective professionals providing that hands-on care. That is there the money should be going before anything else is considered: a good retirement community, in-home care, whatever will work.
OK, assuming plans and insurance have been made for that, what then?
These days, I agree with Dennis Prager's idea: pay for your grandkids to be out of public school.
1. Pay for your grandkids to be OUT of public school. Pay for a good private school, homeschooling, some good alternative. If possible, keep this going through college or trade school. Pay for them to go to a college that isn't a seminary of Leftism. Current examples include Gove City College and Hillsdale.
2. Often tied to the above, fund the ability of one of the parents of your grandchildren (so, your adult child or their spouse) to be a full-time parent. If they truly can't get by without both of them "working outside of the home", then help make it possible for one of them to be home.
3. Create experiences/memories for your descendants to have with you. Group vacations, reunions, whatever. If they live far, pay to fly them to you for visits, or go visit them if you can travel; stay in a hotel so as to not burden them. Memories made with you will be better than them being able to buy a new car with money they didn't earn.
4. Hand down heirlooms as gifts while you're still alive, as possible.
4. Hand down heirlooms as gifts while you're still alive, as possible.
5. If you still have wealth after all of this, well, then, good going! Of course there are worthy causes to which you can donate. But as far as leaving some to your descendants, split it evenly. The exception is that it is morally preferrable to disinherit someone who is evil. Don't be leaving money to a child molester, murderer, etc. But if you have three children and none of them are evil, split it into thirds. Or if they're all living comfortably and you'd prefer to bypass them for the grandchildren, total up the number and split it evenly among them. IMPORTANT: Inheritance isn't community property. You can leave money to your child but not their spouse, if that is your preference. This, however, might cause them marital problems and is one reason why you might want to have it go straight to grandchildren.
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