Comments on: Wills and Children: Who Will Get Your Money? http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/ Bible & Money Personal Finance Blog | Budget: Pay Off Debt: Give Thu, 09 Sep 2010 06:45:14 +0000 hourly 1 http://wordpress.org/?v=abc By: Craig http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/comment-page-1/#comment-2571 Craig Sun, 14 Mar 2010 20:25:28 +0000 http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/#comment-2571 @Arthur Large chunks of money can be a disaster. I agree that the interitance should be a bless and can only be a blessing if they are ready for the money. @Arthur
Large chunks of money can be a disaster. I agree that the interitance should be a bless and can only be a blessing if they are ready for the money.

]]> By: Craig http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/comment-page-1/#comment-2570 Craig Sun, 14 Mar 2010 20:23:39 +0000 http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/#comment-2570 @Scott Great tips. Help others and help your kids. @Scott
Great tips. Help others and help your kids.

]]> By: Craig http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/comment-page-1/#comment-2569 Craig Sun, 14 Mar 2010 20:22:25 +0000 http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/#comment-2569 @Kathy I like the idea of some 'restrictions' depending on the kids financial health. I agree that financially healthy kids shouldn't be 'punished' for doing a great job. Truth is they are more likely to make wise choices with the money. @Kathy
I like the idea of some ‘restrictions’ depending on the kids financial health. I agree that financially healthy kids shouldn’t be ‘punished’ for doing a great job. Truth is they are more likely to make wise choices with the money.

]]> By: Craig http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/comment-page-1/#comment-2568 Craig Sun, 14 Mar 2010 20:18:02 +0000 http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/#comment-2568 @Bucksome Wow - between $5000 and $1. I could see how that could cause issue. I would need some very significant reasons not to also do an even split (except for the fact that I also currently have 3 kids). @Bucksome
Wow – between $5000 and $1. I could see how that could cause issue. I would need some very significant reasons not to also do an even split (except for the fact that I also currently have 3 kids).

]]> By: Craig http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/comment-page-1/#comment-2567 Craig Sun, 14 Mar 2010 20:15:17 +0000 http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/#comment-2567 @BibleDebt. Good idea. A peacemaking token. @BibleDebt. Good idea. A peacemaking token.

]]> By: BibleDebt http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/comment-page-1/#comment-2555 BibleDebt Sun, 14 Mar 2010 04:02:13 +0000 http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/#comment-2555 Maybe donate your additional 1% to keep the family peace. What a small price to pay to not create any animosity down the road. Interesting article. Maybe donate your additional 1% to keep the family peace. What a small price to pay to not create any animosity down the road. Interesting article.

]]> By: Bucksome http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/comment-page-1/#comment-2551 Bucksome Sat, 13 Mar 2010 19:21:14 +0000 http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/#comment-2551 One side of my family the grandparents split it evenly between all the living children (two died before the last parent). On my father's side of my family the last parent had the will very slanted towards two kids and the rest received between $5,000 and $1. This caused a lot of hurt feelings and resentment. Seeing the difference convinced my husband and I to split it evenly between our five children. No favoritism here (of course that nicely divide to 20% each). .-= Bucksome´s last blog ..<a href="http://www.bucksomeboomer.com/2010/03/making-impressions-at-the-grocery-store/" rel="nofollow">Making Impressions at the Grocery Store</a> =-. One side of my family the grandparents split it evenly between all the living children (two died before the last parent).

On my father’s side of my family the last parent had the will very slanted towards two kids and the rest received between $5,000 and $1. This caused a lot of hurt feelings and resentment.

Seeing the difference convinced my husband and I to split it evenly between our five children. No favoritism here (of course that nicely divide to 20% each).
.-= Bucksome´s last blog ..Making Impressions at the Grocery Store =-.

]]> By: Recommended Reading Roundup http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/comment-page-1/#comment-2538 Recommended Reading Roundup Sat, 13 Mar 2010 09:22:43 +0000 http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/#comment-2538 [...] Wills and Children: Who Will Get Your Money? at Money Help for Christians [...] [...] Wills and Children: Who Will Get Your Money? at Money Help for Christians [...]

]]> By: Kathy http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/comment-page-1/#comment-2529 Kathy Fri, 12 Mar 2010 15:29:56 +0000 http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/#comment-2529 <i>Do you really think that the only reason I am getting a larger inheritance is alphabetical?</i> No, we youngest children are always preferred, and with good reason -- you always make rough drafts before making the final (best) copy. :-) <i>What if junior is a bad money manager? Should you consider cutting him or her out of the will? Should the estate be divided equally among siblings?</i> If one of the kids is a bad money manager, the money could be put into some form that would allow him to have it, but hopefully not to abuse it. For instance, it could be paid out over the course of several years, or he could only have the interest for several years, or until he reaches a certain age. In this way, he couldn't blow through several hundred thousand dollars, like so many lottery winners, and then be left with expensive habits and no money for them, but the interest could allow him to live modestly (with or without working) for a long period of time. Even smaller inheritances that wouldn't allow just *too* much financial insanity could be doled out to keep him from wasting it all on frivolous spending. Parents shouldn't punish their successful children by leaving them a smaller inheritance "because they don't need it"; if anything, they should be rewarded for being wise with money. But this would breed sibling rivalry, so in general, the money should be divided equally among siblings, unless there are extenuating circumstances -- for instance, one child has special needs or disabilities, and s/he would be more or less bereft without the money. My grandparents left each of their grandchildren money which each will inherit on his or her 35th birthday (or which could be used to pay for education earlier). I believe it was their hope that by that age, we wouldn't waste the money but use it sensibly. The earlier you give money, the more foolishly it is spent (usually); so it would be wise to give it with strings attached, like Arthur stated. .-= Kathy´s last blog ..<a href="http://katsyfga.wordpress.com/2010/03/08/it-all-adds-up/" rel="nofollow">It all adds up</a> =-. Do you really think that the only reason I am getting a larger inheritance is alphabetical?
No, we youngest children are always preferred, and with good reason — you always make rough drafts before making the final (best) copy. :-)

What if junior is a bad money manager? Should you consider cutting him or her out of the will? Should the estate be divided equally among siblings?
If one of the kids is a bad money manager, the money could be put into some form that would allow him to have it, but hopefully not to abuse it. For instance, it could be paid out over the course of several years, or he could only have the interest for several years, or until he reaches a certain age. In this way, he couldn’t blow through several hundred thousand dollars, like so many lottery winners, and then be left with expensive habits and no money for them, but the interest could allow him to live modestly (with or without working) for a long period of time. Even smaller inheritances that wouldn’t allow just *too* much financial insanity could be doled out to keep him from wasting it all on frivolous spending.

Parents shouldn’t punish their successful children by leaving them a smaller inheritance “because they don’t need it”; if anything, they should be rewarded for being wise with money. But this would breed sibling rivalry, so in general, the money should be divided equally among siblings, unless there are extenuating circumstances — for instance, one child has special needs or disabilities, and s/he would be more or less bereft without the money.

My grandparents left each of their grandchildren money which each will inherit on his or her 35th birthday (or which could be used to pay for education earlier). I believe it was their hope that by that age, we wouldn’t waste the money but use it sensibly. The earlier you give money, the more foolishly it is spent (usually); so it would be wise to give it with strings attached, like Arthur stated.
.-= Kathy´s last blog ..It all adds up =-.

]]> By: Scott Ferguson http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/comment-page-1/#comment-2528 Scott Ferguson Fri, 12 Mar 2010 14:28:28 +0000 http://www.moneyhelpforchristians.com/wills-and-children-who-will-get-your-money/#comment-2528 As you stated, you don't have to choose children or charity. You can do both. While flat out giving a portion to charity in your will is the easiest and most common way of including charity, in the USA at least, there are a LOT of ways you can use your charitable gift to actually provide more money for both your family and the charity (and less in taxes) if you will visit with the chartiy and an estate financial advisor ahead of times. There are various kinds of Charitable Remainder Trusts, Unitrusts, Annuity Trusts, etc. that can provide income, decrease taxes, give to charity, and give to family. As you stated, you don’t have to choose children or charity. You can do both. While flat out giving a portion to charity in your will is the easiest and most common way of including charity, in the USA at least, there are a LOT of ways you can use your charitable gift to actually provide more money for both your family and the charity (and less in taxes) if you will visit with the chartiy and an estate financial advisor ahead of times. There are various kinds of Charitable Remainder Trusts, Unitrusts, Annuity Trusts, etc. that can provide income, decrease taxes, give to charity, and give to family.

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