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.

 

[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.