How to spend your legacy?

[ponytug]

@tallyho8 One place to look is

Charity Ratings and Donor Resources | Charity Navigator

Give and volunteer with confidence by using Charity Navigator's ratings and resources to find highly rated charities that align with your passions and values.

www.charitynavigator.org

I tend to look at the costs to fundraise, and cost to administer. Both should be pretty small in a well run charity in my book. A semi-local food bank gets 98%, with 96.q% of the funds going to the recipients. Charity Navigator - Rating for Second Harvest Food Bank of Greater New Orleans and Acadiana

All the best, Peter

 

[MossRoad]

@tallyho8 One place to look is

Charity Ratings and Donor Resources | Charity Navigator

Give and volunteer with confidence by using Charity Navigator's ratings and resources to find highly rated charities that align with your passions and values.

www.charitynavigator.org

I tend to look at the costs to fundraise, and cost to administer. Both should be pretty small in a well run charity in my book. A semi-local food bank gets 98%, with 96.q% of the funds going to the recipients. Charity Navigator - Rating for Second Harvest Food Bank of Greater New Orleans and Acadiana

All the best, Peter

That's great! It beat our local food bank. We got a 97%.

Charity Navigator - Rating for Food Bank of Northern Indiana

Food Bank of Northern Indiana has earned a 4/4 Star rating on Charity Navigator. This Charitable Organization is headquartered in South Bend, IN.

www.charitynavigator.org

 

[MossRoad]

I think I've mentioned before that our will is set up:
I die - wife gets everything
Wife dies - I gets everything
Wife and I die - both kids get everything split evenly
Wife, I and 1 kid dies - other kid gets everything
Wife, I and both kids die - everything is split evenly between my wife and my siblings (6 total)

If one kid dies before us, if they have kids, those kids get their parent's share, split evenly if more than 1 kid.

Don't have grandkids yet, and only 1 son in-law, but if something would happen to my daughter, and we're still on good terms, I'd like him to have her share if they don't have kids.

All things are open to change at our whim, of course, but that's the way it is for now.

All of them are pretty good citizens and do their part for society, so I'm sure they'll keep doing good things after we're gone.

And if they don't, I won't know BECAUSE I'M DEAD! I'm not going to be worrying about it in my urn. I have to hope they'll do the right thing.

 

[5030]

Called my investment people today and informed them I will be draining my retirement account as required. We have enough investments (rental properties, land and equipment) that my wife won't be hurting and I'm gonna live large.

 

[Citydude]

Called my investment people today and informed them I will be draining my retirement account as required. We have enough investments (rental properties, land and equipment) that my wife won't be hurting and I'm gonna live large.

All this time I thought you already were living large.

 

[5030]

All this time I thought you already were living large.

Actually, I do. I've made astute investments and they have paid off but I have a wad in my retirement 401 and it's gonna get spent.

While not germane to this forum or thread, I got to see just how nasty and viscous people get when it comes to inheritances. My wife was the Execurtrix of out aunt and uncles estate and it was over 2 million bucks.

I found it disgusting how people turn when it comes to money. Money they didn't earn becomes a family destroyer.

Won't happen here. I do plan to leave enough behind to cover any tax burden for my wife, but the rest I will spend on myself. I earned it and it's mine and I'll leave it at that.

I am a charitable person but only to a point and that don't include funds I sweated my butt off for.

I have a bucket list I plan on filling and interestingly, my investment people agree 100% with my plan.

You can leave whatever you want to to whomever. I won't.

 

[RSKY]

@RSKY I'm no attorney, but I think the phrase is "per stirpes".

Per Stirpes: Meaning and Use in Estate Planning

Per stirpes is a legal stipulation that, should a beneficiary predecease the testator, the beneficiary's share of the inheritance will go to their heirs.

www.investopedia.com

Thanks for bringing it up.

All the best,

Peter

LOL, true. Spell check strikes again or I may have just typed it wrong. Didn't notice and I'm not gonna edit it out. Let somebody have a laugh.

Reminds me of a text I sent to my wife when she was teaching a class of teachers at the local University. It should have read "interest the teenagers" but changed to "intercourse the teenagers"! Of course she shared it with 30-40 teachers/students in her class.

 

[MossRoad]

Kinda interesting how some married folks keep their finances separate. His and hers money.

We've always pooled our money and discussed large purchase before spending.

I know some folks do it because of second marriages, some business arrangements, etc. It's just and odd concept to us.

 

[IndyJay]

LOL, true. Spell check strikes again or I may have just typed it wrong. Didn't notice and I'm not gonna edit it out. Let somebody have a laugh.

Reminds me of a text I sent to my wife when she was teaching a class of teachers at the local University. It should have read "interest the teenagers" but changed to "intercourse the teenagers"! Of course she shared it with 30-40 teachers/students in her class.

Coworker put into group chat that she had errands to run and then she was going over to the high school to pick up boys. She meant her sons but we all had fun with that...

 

[ddbackhoe]

If it’s a farm, and has been for centuries, why not leave it to an organization that continues to farm it? Maybe we should stop with the bird sanctuaries and start teaching the next generation how to farm?

I say make it into an Ag School.

Yes. More specifically, I have made provisions to support therapeutic horse riding. Equine facilities as a whole (and farming) are losing too much ground on a daily basis. Setting aside something for others to enjoy what I do just has a ring of common sense to it.