5-27-2017 Any plan is better than no plan.

My husband doesn't believe in "Legacy" since kids normally want to lead their own lives.

All I know is that you don't give your kids everything when they're young and then nothing when they're old. That always seems cruel. Prepare them for one thing and then serve up the opposite is bad parenting.

I don't like using the word 'broke' in this context. To me it implies something much worse than simply being temporarily out of cash. To me it implies an accompanying brokenness of spirit. (But maybe that's just me) There are many wealthy celebrities that believe inherited money is cursed, or at least not healthy for their children. I signed away rights to a trust fund left by my grandparents to my father mostly because he needed it. But also because I didn't feel like it was my money. As for parenting I believe it's much more important to teach industry, self sufficiency and independence. Also that unconditional love is not at all related to gifts or money. As for myself, I don't have much. And I have been both broke and broken in the past! But as little income as I have (other than the period of time when I got sick and my savings dwindled to nothing before I filed for disability and while I was waiting the two years for it to go to court - my broken period) I have never allowed myself to be completely out of cash. It's not AT ALL comfortable for me. And debt is far to close to slavery for me to be comfortable with that! I don't think giving children money is good idea. I think it stunts their growth. My financial plan is to tithe first so I don't encounter financial difficulties, stay out of debt so I can spend my money on what I want rather than what I've already consumed, put enough in savings to not live in fear, and be generous with what's left, because it feels good. Sorry this was so long good question though thank you.

No, I think you definitely want to give the next generation a head start.

7-12-2017 BTW, an inheritance tax is a legally imposed command that you WILL die broke whether you like it or not.

the statement, "he died penniless" sounds pretty good to me

"He died penniless" seems like a good plan for me.

If it wasn't for my Dad I wouldn't own a house Id like to keep my House until I die. I actually plan on dying in my home.

No

Spend your children's inheritance.