How to spend your legacy?

[/pine]

Before I give any money etc. to any organization (charities, animal welfare orgs. etc) I check them out on the Internet and see just how much of donated money actually goes to the cause...many would be surprised at how much goes to management and not the cause...

 

[strantor]

Another idea I just had. There's this kid Boyan Slat who is cleaning the ocean. I usually keep my donations to people i personally know, and it's one of the only organizations I've ever donated to. I'm not a big environmentalist, but the way he went about this impressed me. He didn't waste any time condemning others, he completely skipped politics, no protests, he just went into action actually doing something about the problem and then looked back over his shoulder and said "oh yeah, and y'all can help too if you want." He has some great ideas and I am convinced his efforts are worthwhile.

 

[Hay Dude]

I’m setting mine up with real and personal property to be auctioned, with the proceeds added to whatever cash assets I have left to establish a scholarship fund for non-traditional students, in “STEM” degrees which require Differential Equations.

Different folks have different definitions of “STEM”. it originally meant Science Technology Engineering and Math, my daughters highschool counselor interpretted it as: Society, Teaching, Entertainment, and Music. By limiting to students in fields which require Differential Equations, that silliness is eliminated.

And by non-traditional students I’m limiting it to persons who have spent at lifestyle five years, at the technician level and are wanting to pursue a degree, to further their careers. Bonus selection points for married, and/or kids. Required recommendation from d3egreed professionals in their field, who are familiar with their work.

Students like my Dad and I who went to school in our early thirties, after getting topped out as technicians. Dad, got sat down by his first and second tier supervisors who were Engineers, and told he needed to use his GI Bill and get his degree. He was more competent than the junior level engineers, making less money for more work, and had only one more possible promotion.

I was working for a state department of transportation. When i first started I could have promoted to anything below the deputy director level. Every time the legislature met, they tightened up n degree and licensure requirements. Ten years in when I quit to go back to college, I was topped out at 31, and had just spent a summer running a survey crew of engineering student summer hires. I decided there was no way on earth that would make me want to spend another 24-years working for them.

Dad and I were both better of and happier in our choice to be Engineers in our thirties, than we were just out of highschool. Dad would have been a Forester or Wildlife Biologist, if he had gone straight from high school. I would have studied limnology or fisheries biology.

My son is going to be a STEM teacher and HS coach.
STEM is a growing field

 

[jeepcj7]

Enjoy it as much as you can. Get an attorney that does that sort of thing and they can makes sure the rest goes to scholarships, children's hospital, local fire department, local church, trust funds or what ever you desire.

 

[Hay Dude]

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.

Great ideas.
I coached football for years with my buddy Jeff. Had leg blown off in Iraq. He never got anything from “Wounded Warriors” or “Tunnels to Towers”. Never asked for anything, either.
Would like to find someone like that to give some of my remaining pittance to like that when I’m ready to go toes up.

 

[buckeyefarmer]

Reminds me, a local left his land to the city to use for a park. The city built a minor league stadium there. Wasn’t exactly what he meant.

 

[buckeyefarmer]

It was years ago but one of my father's aunts died with no children and no will. By the time it was all settled there were 'relatives' who had never heard of her who got checks for as little as $40. The nieces and nephews might have received a couple hundred each. They were the ones who took care of her in her old age. Lawyers got the rest because they spent so much time and money researching all the relatives nobody else knew existed. Family was bitter for years. Some could have really used the money.

RSKY

Yep, going thru that now with a cousin. It’s been over 2 years now of lawyers spending the money. The heirs are pretty cut and dry, but they just keep wasting time and money.

 

[Citydude]

Yep, going thru that now with a cousin. It’s been over 2 years now of lawyers spending the money. The heirs are pretty cut and dry, but they just keep wasting time and money.

Time to cut the lawyers off. Fire them.

 

[tallyho8]

Thanks to all for your replies so far. It gives me something to think about. Right now, we have our wills made and our lawyer agreed to change them, upon our request, once a year at no charge. My wife's will leaves me everything if she passes first. My will leaves her everything if I pass first, except for my 2 horses, diesel truck and horse trailer to my best friend who would like to have them, plus a small stipend to help care for them if one or both are still alive at the time. When one of us passes the remaining will will be written probably similar to what our present will specifies if we pass at the same time.

If we pass at the same time, at this time the beneficiaries include our favorite niece who has helped us out a lot, our grandson who visits us about once a year and just joined the Marines, with minor amounts going to some other relatives and the local police department. I anticipate changing this part yearly.

I am planning on living 10 more years, but, of course, this is not something you can really plan. But I should have time to find some better ways to dispose of my assets. I don't trust most people including doctors, lawyers and politicians and many people I have met in my lifetime. The ones I like and trust the most are the same ones who are also capable of taking care of their finances and most already have more than I do. The ones I know who need money are the lazy spendthrifts who would just waste the money in a month. I do not believe in giving money to the so-called homeless people standing on the street corner asking for donations but turning down a job when offered to them.

We were both raised in families that were classified as "poor" by the gov't but my mother refused to take food stamps and my father, who lived through the depression taught me how to manage money and to this day it actually hurts me to waste money and we have everything we want and need except for our youth, which no amount of money can buy.

 

[2manyrocks]

Time to cut the lawyers off. Fire them.

In an intestate situation, the heirs would have to ask the court to fire them for cause. They will put forth some reason why it's taking so long. Two years isn't uncommon. The judge probably appointed them because they are his or her favorites anyway out of the lawyers that handle estates before that judge.

No estate plan is perfect. One of the risks is in thinking you still have time to change things. Once someone becomes mentally incapacitated, they may not be able to change their will even if they wanted to.

Spendthrifts are a bottomless pit. Doesn't matter how much they get because they will spend it all and then some.

 

[Fossil Farm]

The trouble with wills is that they become public at death since wills go through probate. This means that they can easily be challenged in court. Creating a
trust is more expensive, but it is much harder to challenge in court since they do not go through probate. Discuss this with your lawyer to get his opinion
about the laws in your state or country to see if a trust would suit your wishes better after you and your wife pass. Both my Dad and Brother had trusts and it
was quite easy to dispose of their assests with few problems. Either way, there is plenty of paperwork and some always a few hiccups, but overall the trusts went
pretty smooth. Good luck.

 

[2manyrocks]

Most challenges against the validity of a will are unsuccessful. Trusts drafted by competent lawyers tend to go more smoothly I suspect because there should be no court involvement and because of the thought and flexibility built into most trust provisions.

 

[drssg]

I’d spend most of the money on something you could use now instead of donating it after you’re gone.

Part of the problem with that approach is that we never know how long we will live or how much health care money will be required near the end. In my observation, being able to spend the end of life at home is more pleasant than being stuck in a nursing home. Insurance probably won't pay for home healthcare.

 

[YanmarFever]

Most challenges against the validity of a will are unsuccessful.

The problem is that Liars... I mean lawyers will keep you in court like a merry go-round to try and break you $$ so that you will settle and they get a piece of the pie..
Been there, done that, and got the t-shirt..

 

[IndyJay]

Entitled “The Law Suit”, the cartoon was the work of J. Bright and it dates from the late 1700’s.

 

[ovrszd]

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.

But if you both died today, who gets it?

I started to say "farmers", but will change it to "land owners" fit the old saying regarding farmers, "asset rich, cash poor".

So in the OP's case a large portion of his value might be in fixed assets. It's hard to spend those before you die without putting yourself at serious risk of having to leave your farm before death.

My net worth is around $1.4M. $1M of that is in the farm I live on. I intend for the farm to stay in my family, which I am Blessed to have, unlike the OP. But if I didn't have that luxury, what would I do to ensure that value goes to a deserving cause?

I think he's asked a very good question. And the answers/suggestions will be highly varied.

 

[2manyrocks]

View attachment 781466

Entitled “The Law Suit”, the cartoon was the work of J. Bright and it dates from the late 1700’s.

I only see one lawyer. Usually there are at least two or multiple lawyers doing the milking.

 

[MAX-24-Dean]

View attachment 781466

Entitled “The Law Suit”, the cartoon was the work of J. Bright and it dates from the late 1700’s.

I only see one lawyer. Usually there are at least two or multiple lawyers doing the milking.

Could have posted this in the "groan" thread.
The gravity of it in reality, well not so funny. Its just the way it is perceived.

 

[IndyJay]

I only see one lawyer. Usually there are at least two or multiple lawyers doing the milking.

Yeah, and sometimes there are more litigants and defendants, along with a jury.
I think the point is that while you are fighting someone in court, the lawyer is milking the case of what is valuable.

It was more of a response to Yanmar's post,
"I mean lawyers will keep you in court like a merry go-round to try and break you $$ so that you will settle and they get a piece of the pie.."

 

[3gunr]

My vote is for giving it to wounded veterans ,