Off Topic - But Still Important

I think it is ok to leave them something but personally am more on the side of letting them earn a gift.  Such as maybe you gift them $50k for a down payment on they're first home purchase and in return for that gift they provide some level of work.  My personal belief is for every action there is an equal and opposite reaction.  If your not teaching your kids that work is the action and the reaction is money or some kind of return then your not doing them any favor.

I have a simple solution, Dont die!  It would make everyone much happier in the long run!!!

I have actually seen some parents leaving their kids money prior to their final days so that they can enjoy it with them. For now you can be sure there is enough for them to attend a good college, which by time they are old enough can be a small fortune alone.  And leave the balance in some trust that comes to them once they earn a degree.

On another note, any chance you can adopt me???

I believe instilling in them a good work ethic AND a healthy respect for what money is and can do would be so much better than leaving a whole bunch of money for them after you go on to be with the Lord......

Make them work for what they get as they grow up, instead of just giving them money or possessions all through their lives..... they will just get lazy and spoiled....

So...I agree with the afore mentioned comments sister...........

(And I had Grandparents that were worth more than half a million dollars when they died).

I always think of this topic being a mother of a 2 children- I want to help them in the now with college first and maybe helping them with the purchase of their new home. I want to see them enjoy it while I am still around to see it. If there is any left after my retirement split it between the two of them or possibly their children my grand-children.

Well as a child who grew up in a fortunate family, I agree with all of you who said you don`t appreciate what you have. My father grew up very poor and worked hard for everything he has created. His dream was to provide for his family everything he never had, and he achieved that. The problem he saw was his friends who`s children were ungrateful and unable to see the bigger picture. In order to raise me with a desire to obtain my own financial freedom and understanding he would reward my contributions to the community with monetary gains. For example, I volunteered for local community events and he would pay me. In grades 5-8 I was his office janitor and he paid me hourly :)

But as time past I realized that what I wanted was a real job. And I worked from grad 8 on at various jobs and loved every moment. The big hit came when I was about to go to university and my father informed me that he would NOT pay for my education. I was to pay out of pocket and he would refund me all my expenses upon graduation. This wasa tough life lesson and I am so glad he enforced it on me.

For those of you worried about this topic, my father bought me a book on my 21st birthday which I think may give some of you guidance on this subject. It`s called `The Gift`, I forget the author and since I just moved I can`t find the box it`s in. It`s about a father who passed away and had his grandson learn some tough life lessons before he was allowed to inherit the fortune. Definitely worth the read!

I hope to live long enough to enjoy the family, and have enough to be able to gift, while I can enjoy the giving. Then, assuming my 401K ever recovers, I'll reward the ones who know how to manage and leave a token for the others, with anything left over going to the charities that had meaning to me.

Perhaps you should consider not gifting the money until they reach the age of 35 or so.

I don't have any solid answers in this area for you Loreena other than to plan and do your best. Life takes some big left and U turns along the way and for many you don't end up anywhere where you think you would. A lot of money left to the children often goes back to you for your long term care. It is VERY expensive if the parent lives a long time. Most nursing homes and elder care is not covered by insurance. Hence dipping back into the child's inheritance.

I actually have thought alot about it and we have at least gotton our life insurance policies set up...now to think of the unthinkable...the guardians of little boys.  I have a really good friend who does that and she does seminars to inform women of their options. 

http://www.generationslawfirm.com/

Loreena - This is a great question and one that i think does not have a clear answer.  As a parent, you do the best you can and save in many areas.  We have put some money towards are kids education and continue to do so.  When I have a great month/year, we are able to put more away.  Being able to save money for your kids is GREAT... but show them how to save money and manage their money will be even more priceless.  My parents did not show my how to save money and not get into serious debt.... had I known then what I know now.

Having no children of our own, this hasn't been something we've really seriously considered for ourselves.  However, I've been fascinated with the thinking of one of my brothers on this topic.  He's created a blog titled "Strategic Inheritance - Maximize Your Legacy"  I think you might find these three recent posts particularly relevant:

Two Family CEOs

Three Fundamental Estate Planning/Legacy Planning Questions

Estate Planners' Assumption #1: about when you want to pass an inheritance to your heirs

One other thing popped to mind, and reading others' responses, I think Rochelle was referring to this:

Read the book "The Ultimate Gift" by Stovall or watch the movie of the same title - starring James Garner and Bill Cobbs (among others).

Being a new parent, this has crossed my mind too. There is just so much to think about now. I like the idea of a tiered inheritance. And I really like Rochelle's response. I will have to see if I can find a copy of that book.

Thanks for posting this topic. Definately food for thought.

Loreena - On this subject, I loved a quote I heard from Warren Buffet" Leave your kids enough so they can do anything,But not enough so they can do nothing"

Great advice. we each have to decide how much that is.