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User Info The Likely Future Path: YOU WERE WARNED; entered at 2020-12-07 12:18:55
Greenacr
Posts: 1016
Registered: 2016-03-15 Northern Ohio
Probably a little different take here.

My parents who have passed within the last 10 years left me nothing. My wife's parents (who came from nothing) left us a small inheritance. Other than that, what my wife and I have accumulated from a wealth standpoint, has been all on us the result of our hard work. My parents raised me to be out the door at 18 with the nothing but the clothes on my back. Nothing more was promised, nothing more was given. Their level of support was only that which got me to that pointof departure.

All of my children are college educated, have good jobs and are financially far better off than I was at the same time period. I have paid for their college, help set them up in life with furniture, down payments, cars and helped pay for their weddings. I have made it clear that if there is any inheritance left over that they should feel blessed but it is not a guarantee because I will either spend it or Uncle Sam will take it. They are okay with that.

I think there are ways to transfer wealth to your children before you die that Uncle Sam can not claw back. I can buy or transfer to my children physical assets that they need or could use that they would otherwise have to purchase themselves. If I buy one of my children a lawnmower, Log Splitter, give them cash, give them my guns/ammo.... who is going to know as I don't keep a record of it. In many respects I plan to share as much of this ahead of time as at least I get some say in how the money is spent/shared and would rather do it while I am alive.

If things work out right I also plan to have zero equity in my home when I go so that it's not available to Uncle Sam either. Last thing I want to do is leave my uncle any money when he is such a poor steward of what I have already sent him through taxes
2020-12-07 12:18:55