How to spend your legacy?

[Citydude]

If having a legacy is like the John Dutton family. Im out.

 

[ddbackhoe]

We have wills. In case anything happens, everything goes to the other spouse. If we go together, it is split between the 2 kids. If I am the last, I plan on spending my money as needed and not be frugile. My hope is my last check bounces.

We have small animals. Often after death it is a pain for the family to decide where the small animals go. We have set up an endowment with part of our money to Texas A&M. They have a program to care for companion animals when the owner can no longer care for them.

Home

Learn how the Stevenson Companion Animal Life-Care Center provides long-term pet care in a home-like environment and fosters veterinary student education.

vetmed.tamu.edu

For my retirement, I “gave” the kids my portion of the family business. The farm property is in a trust for the grandkids with provisions for my dog and horses. Plus the set aside for the horse community. I sincerely hope to cheat the tax man on my way out.

 

[two_bit_score]

Hoarding.... should be a separate thread, if not one already.

Yes Sir.

 

[two_bit_score]

His wife must have really big feet.

I never had to hide money. I always knew where it was. It was in her purse or the "cookie jar".

LOL
The shoes were his. He was an old car dealer. Kind of eccentric. He lived in San Antonio most of the time.

 

[2manyrocks]

They used to call that "well heeled."

 

[goeduck]

As far as the topic of the thread goes, the wife and I need to start thinking that through as well. Things have changed since we wrote our wills about 10 or 12 years ago.

 

[Snobdds]

I have had a grandparent in a nursing home for the last year now. I never knew how stupid expensive it was, 12K a month. I would say 95% of the people there can't afford it and the state has pretty much a lien on every asset some of these people have.

I will set aside a chunk of money to randomly pay off the tabs for some of these people. They work their whole life for a nursing home to take all they have. I will also set up a fund to pay for some of these people to stay home. They don't necessarily need to be there, but their offspring just put them there because they don't want their life inconvenienced.

There is all this money that goes to children's hospitals, but the real need is for elder care facilities. Going to visit him there has had a profound impact on me to totally change where I will put my money.

 

[Streetcar]

I have had a grandparent in a nursing home for the last year now. I never knew how stupid expensive it was, 12K a month. I would say 95% of the people there can't afford it and the state has pretty much a lien on every asset some of these people have.

I will set aside a chunk of money to randomly pay off the tabs for some of these people. They work their whole life for a nursing home to take all they have. I will also set up a fund to pay for some of these people to stay home. They don't necessarily need to be there, but their offspring just put them there because they don't want their life inconvenienced.

There is all this money that goes to children's hospitals, but the real need is for elder care facilities. Going to visit him there has had a profound impact on me to totally change where I will put my money.

Money to pay off the tab will just go to the state, better if you find good place that helps them stay in their own home.
my mom got sick and went in hospital and they thought she would die any day as she was unresponsive and would not eat. We got her in hospice at home. She was happy eating and talkative until she died happy ten days later. Home is what many want

 

[goeduck]

We kept my parents in their home for their last 10 years. In the later years they needed 24/7 care and the challenge was vetting/getting good help.

 

[Citydude]

Before putting my family through financial strain because of my health issues, there are decisions that I need to make for their sake.