Transferring Wealth to the Next Generation

   / Transferring Wealth to the Next Generation #41  
ultrarunner said:
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When my Grandfathered passed he left me his watch and I treasure it because it reminds me of him… maybe this is how it should be?

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Unbeknownst to me, when my mom's dad died, she found his pocket watch, which originally belonged to his father in-law. She was going to give it to me, but passed away before she could. However, before she passed, she told my sisters her plans. So, and again, unbeknownst to me, my sisters had the watch restored and gave it to me the year after my mom passed. Ever since then, I've worn it to all weddings, funerals, graduations, birthdays, and any other major event in our family. I always give it an affectionate rub and think of all the milestones it has witnessed in our hands. It's probably the one material thing that means the most to me, if I'd have to rate them.
 
   / Transferring Wealth to the Next Generation #42  
Trust. Period. Revocable at age 33.
 
   / Transferring Wealth to the Next Generation #43  
Raul-02 said:
.... I saw it fail like that for the Studabaker family whose wealth was squandered and lost ...
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I'd like to know more about that, as we've never heard that here in South Bend.
 
   / Transferring Wealth to the Next Generation #44  
Set up a 529 college savings plan for each grandchild and contribute the max every year. This is the absolutely perfect way to transfer wealth to grandchildren, you get a tax break and it grows tax free to them. If one grandchild decides not to go to college you can transfer the money to a sibling or cousin. While there is a designated recipient you get to decide when it is spent. Unless college isn't in the picture there's nothing better.
 
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   / Transferring Wealth to the Next Generation
  • Thread Starter
#45  
MossRoad said:
Unbeknownst to me, when my mom's dad died, she found his pocket watch, which originally belonged to his father in-law. She was going to give it to me, but passed away before she could. However, before she passed, she told my sisters her plans. So, and again, unbeknownst to me, my sisters had the watch restored and gave it to me the year after my mom passed. Ever since then, I've worn it to all weddings, funerals, graduations, birthdays, and any other major event in our family. I always give it an affectionate rub and think of all the milestones it has witnessed in our hands. It's probably the one material thing that means the most to me, if I'd have to rate them.
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One of my dad's brothers was killed in WWII in Germany. His widow never remarried. Of the deceased's three brothers and two sisters my mom and dad were the kindest to the widow. Don't know the whole story but the others thought that somehow she could have prevented him from being in combat. At least that is what mom said. Anyway, a few years before the uncle's widow passed away she drove from Florida to Kentucky and asked my mother to arrange a meeting with me. I had only met her three or four times in my life. She said that I was the only nephew or niece that had asked her about my uncle. So she gave me his medals and some other keepsakes she had treasured for more than fifty years. On her instructions I gave the items to my in-laws and they put them somewhere. This was so I could honestly say that I didn't know where they were. After her death a great deal of questioning went on as to where the items were and who had them. They are a treasured item and will go to my grandson after my death.

RSKY
 
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