The position of "F" you

[sputnik]

Originally posted by timdog
^ do you have kids?
I hate to keep asking this question, but I'm guessing most people with that attitude dont have kids.

I have kids and I have no intention of leaving them an inheritance. Why would I scrimp and save when I could spend it myself?

That said, I hope they are in their 50s or even 60s when I die. By then they should already be self-sufficient with their own kids/grand-kids.

For the next 20 years or so I will have a life insurance policy but that is really just to help my wife out financially should I die before the kids are out of the house.

[killramos]

Originally posted by sputnik


I have kids and I have no intention of leaving them an inheritance. Why would I scrimp and save when I could spend it myself?

That said, I hope they are in their 50s or even 60s when I die. By then they should already be self-sufficient with their own kids/grand-kids.

For the next 20 years or so I will have a life insurance policy but that is really just to help my wife out financially should I die before the kids are out of the house.

This, die with minimal assets aside from your house. That's plenty of kickback to the kids.

Pre-Retirement while the kids of relatively young just hold life insurance to make sure things are taken care of.

If you want to give you kicks a boost do it while they are younger by helping out with education or a house down payment or something. It will mean more to them then rather than putting a few hundred G's in the bank when they are 50.

I wonder if you could structure a trust to make charitable donations in the child's name for an extended period of time to reduce tax burden for them while still being able to give to a good cause. Is there a maximum to which charitable donations are tax deductible? I cant say i have ever donated enough to hit a limit.

Just my 2 cents.

[ExtraSlow]

Originally posted by sputnik


I have kids and I have no intention of leaving them an inheritance. Why would I scrimp and save when I could spend it myself?

That said, I hope they are in their 50s or even 60s when I die. By then they should already be self-sufficient with their own kids/grand-kids.

For the next 20 years or so I will have a life insurance policy but that is really just to help my wife out financially should I die before the kids are out of the house.

This echoes my thoughts exactly. I hold life insurance to get the family through a few years, but my wife would still need to work, and probably make a lot of sacrifices until the kids were adults.

[max_boost]

So how does one do it? Take 25 years to pay off your place and heloc it back out slowly over 25 years? Haha

[ExtraSlow]

That's one way. There's something called a "reverse mortgage" that lets you pull equity out of your house during retirement. I am no expert on that, I'm a little young to worry about it.

Some people downsize out of their homes during retirement into inexpensive condos or into retirement homes or assisted living facilities.

[Jlude]

Originally posted by max_boost
So how does one do it? Take 25 years to pay off your place and heloc it back out slowly over 25 years? Haha

If I had your money, I would burn mine.