How to spend your legacy?

[sea2summit]

Maybe I'm crazy but I've never been a fan of anyone leaving a lot of anything to anyone/anything when their gone. What are you saving it for? Enjoy what you've earned, if that enjoyment comes from donating a good portion of it to a worthy cause why wait until you're dead? Do it now, save enough for your needs obviously and that may be hard to determine but I have no desire to be on my death bed with huge sums of money in the bank or tools in the shed. I'd rather be scraping by at the end knowing I saw the funds used and the tools split up and used by those who wanted them not auctioned off or scraped. But that's just me.

 

[5030]

I'm the opposite. I intend on blowing all of it and I have a wad. Keep looking at a new Vette or maybe a Bugatti. Building a new barn (for my wife) and going on hunting trips. It's mine and I worked hard for it. Far as equipment goes, I've already handled that. When I pass, all the equipment gets sold and the finds minus 10% goes to my wife. She don't need the money anyway. She's wealthy in her own right. My wife is from the Oldsmobile family. Not a charitable person, charity begins at home.

 

[2manyrocks]

In a bit of the same situation. I know my nephews would never use a wind fall to their advantage. Surviving brother, and I haven't spoken with in 20 years. Bad blood. Where does it go? Always thought the wife was to out live me as per the usual. That's not so certain anymore as we both go in and out of health at times. Sometimes I think I should rewrite the will to give my "individual assets" to a "No Kill" animal shelter for dogs. Wife has more money, "Individual Money" than me anyway. But she will not write a will, which I find to be rather childish. My native family is essentially over. Her native family has possibilities. We did get married after all. How that works out though is a difficult question.

Not making any will means her assets pass according to any beneficiary designations she has made when she set up her retirement accounts, etc. (are they up to date?) and the rest will pass to such persons and in such proportions as required by the laws of intestate succession. The court will appoint and over see an administrator serving under bond to administer her estate. If she looked into the details of who would inherit from her and the loss of money paid out to lawyers doing this, she might not like the results.

 

[5030]

Have a good attorney and it's all handled. Understand, I own various properties as well as a working farm so it's business as usual.

I'll blow it all on myself. Matter of fact I just booked a guaranteed B&C Elk hunt for November. Was 14 grand. About to book a Nebraska Mule Deer hunt as well.

I've watched families get ugly over estates before. Not happening here. Money always brings out the worse in humans.

 

[ponytug]

@tallyho8 I think that it is wonderful that you are thinking about this. I'm not sure that there is a universal "right" answer, but I do think there are lots of ways to make communities better, and I think you can make the "right" answer for you. I have confidence that you will make sound choices; after all, you are thinking about it now!

Good luck, and thanks for being such an asset to everyone around you.

All the best,

Peter

 

[Straightgrain3016]

1. Find a Gold Star Family; they could use a "thank you".
2. Find an unmarried mom; they usually need all the help they can get.
3. POW/MIA; help to bring them home.

 

[strantor]

If I were in this situation I think would split it up among a few people that I know; people who are struggling small business owners. People whom I know would make the most of it, take it and multiply it, feed not only their own families but others too. In my case there are:

A mobile mechanic that I served with in the military. He got his civilian automotive certification after the military and worked in dealerships for a few years but didn't like the way they pushed him to upsell to customers so he started his own business but can't afford a shop yet.

A landscaper that mowed my lawn one summer when my mower broke. He didn't charge enough to justify the work IMO, but he kept coming back. At one point his mower broke and he had to take out a loan to repair it. That made me sad.

There are more but I think two is enough to get the point across, and I have things I need to be doing, so have a good day!

 

[riptides]

Medical research grants and scholarships. I know a few doctors without whose backing and facilities I would not be where I am today.

 

[Hay Dude]

Well we can definitely see who is the “pay it forward” type and who isn’t.
Making the world a better place for the future not only says a lot about oneself, but for the world he/she/whatever wants to leave the world for others.

I’d probably hook some friends and favorite people up with some if I had no heirs and give the rest to the charity I like in the greatest need of help.

It certainly wouldn’t be any of the big Universities. They have the biggest and greediest endowments already and still charge a fortune for tuition.

 

[MAX-24-Dean]

Maybe I'm crazy but I've never been a fan of anyone leaving a lot of anything to anyone/anything when their gone. What are you saving it for? Enjoy what you've earned, if that enjoyment comes from donating a good portion of it to a worthy cause why wait until you're dead? Do it now, save enough for your needs obviously and that may be hard to determine but I have no desire to be on my death bed with huge sums of money in the bank or tools in the shed. I'd rather be scraping by at the end knowing I saw the funds used and the tools split up and used by those who wanted them not auctioned off or scraped. But that's just me.

I don't think you are crazy! I think you are on to something good.

You can donate your money and see if it is being used wisely and with good stewardship before you donate more. Not letting your hard earned dollars go to waste. After you have passed you don't get this opportunity to see if your donation is just going to waste...
I do not donate to international organizations in general, most are a disaster by themselves (wasteful and corrupt). I have seen it with my own eyes doing relief work overseas. Christian aid organizations out perform others on a regular basis. They get a lot of good volunteers and it is impresive to see thier outcomes per dollar spent.
I have an orphanage on my donation list, it currently has 81 children resideing on 7 acres. They are being taught to be productive members of society. Some trained in the USA as Doctors, Physician Assistants, Nurses, one Pilot(so far), Disaster relief coordinator. Many other trades and college grads.
This same orphanage has a private school with over 400 students that would not get an education otherwise, it takes money to help with all this and is a good opportunity to invest in someone elses future. Honduras, the poorest nation in Central America.