How to spend your legacy?

[2manyrocks]

You can donate your money and see if it is being used wisely and with good stewardship before you donate more.

There is so much practical wisdom in this.

 

[scootr]

Money can be traded for things and services. If you don't need or want things or services give it somebody who is deserving. Find somebody who is struggling to raise kids on her own or such and make a life changing donation. Not necessarily in cash - because some people find cash hard to handle. Buy that working single mother a place to raise her children. I believe in helping people who are trying to help themselves or better, helping others.

 

[Yander]

I think a lot of responses have forgotten that your health is failing, I assume that means you are not spending it on tractors etc. for partly that reason. Or, you are just a practical guy who is wired that way. That is kind of the way I was raised. I have, for the most part, what I want and don't need a bunch of new things to be happy.

I would do as others have mentioned, look around and help the ones you like who are "doing life right" and maybe need a little help. Or, find a food bank, animal shelter or organization you love what they are doing.

I understand you leaving it to your wife but I would probably insist that she does a will to leave her yours. Even if you draw it up and she just signs in front of a lawyer/notary. If she doesn't do a will it will all go into probate and lawyers will take a bunch of it.

I know my late FIL left everything to his wife and that will stipulated that everything then go to daughters when she passed. If my wife passes before me, I get nothing of his, which I'm fine with because it would go to my boys. I am financially not needing that inheritance. As long as I am married to her, it is essentially mine too.

My point being, there are creative things you can do with a will, if you know she will never do a will, you might talk to an attorney about a living will that would still be in affect after you are dead that would take care of your wife while she is living and then go to your choice of benefactor when she dies. I'm not a lawyer, so I don't know what the options are but I would find a good one and do what they advise to accomplish your wishes.

 

[RSKY]

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

 

[scootr]

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

So true. Don't die without a will. The state and the lawyers will eat up the money.

 

[jigs_n_fixtures]

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.

 

[2manyrocks]

There's kind of a mindset that it takes a huge amount of money to make any difference, but sometimes a relatively small amount of assistance at the right time can have quite an impact. There was this student who was just a bit shy of being able to pay his tuition and was about to sell his car to make up the shortfall. He really needed that car to get to work to keep going. Fortunately, the school found out in time and someone immediately made up the shortfall.

My mother was a high school guidance counselor. A guy stopped by last week to tell me how much he appreciated her guidance for getting him into college and what a difference his education made in his life.

The point being that sometimes a little nudge here, a little encouragement there, some financial assistance at the right moment can have a very lasting impact.

 

[jigs_n_fixtures]

So true. Don't die without a will. The state and the lawyers will eat up the money.

Even with a will it can get messy If anyone contests it.

 

[nbking]

Sorry about your health, but I'd go out with a bang. Vegas trip, rent a Hawaii beach condo, spend that million on yourself, hot rods, hot girls and cold drinks

 

[two_bit_score]

Slightly off topic but a gentleman my family knew well had several children, all married. He was very wealthy. (That’s a big understatement) None of his children had yet had children and he wanted grandchildren.

So he called his children and their spouses together and told them that his estate was going to be dispensed based on the grandchildren he had. Within a year all his children had produced a grandchild and several had babies on the way.

At the time of his death, over 10 years later, he provided for his widow first then the will specified that the estate would sell assets necessary to pay the estate taxes, fairly considerable at that time. But, no other division of the estate would occur until the youngest grandchild alive at the time of his death reached the age of 21.

The youngest grandchild alive at the time he died was less than 4 years old.