You ever had a rich relative die, and then you got absolutely nothing?

[siablo14]

Why didn't you put the moves on your stepmom? You might have had a chance to get it all back. Now some college kid is over there banging her and driving around in your old man's Cadillac.

...........

[siablo14]

Thats music to my ears lol! Still sucks that none of it was dispersed to the relatives. When I pass, whatever I have will be passed down to my loved ones.

if you can have any.

[snoopy360]

I see it from the opposite side guys. First off, when a well to do relative passes and you did not know them well and as a gesture they send you a thousand bucks or so? that is a nice, clean, considerate gesture. My wife had an uncle who did so not long ago...But before you desire an estate often, restraints and noble oblesce (obligation) comes with receiving a fortune.

This is where I may shed some light: First off I am the beneficiary in my family for my mother who is not rich but has about a mil all things said and done...It is my job to make decisions for her, to make sure stuff gets to my two sisters, grandkids, etc. In other words? purely from a financial stand point my sisters get to not be involved and know that their brother has them covered. How much is my trouble worth? I would do it for nothing, thats not the point, but with money comes responsibility.

We inherited a fortune and we had to take care of my wife's brother, again...it became my responsibility to make that fortune work, no easy task!!!! And now? It is my job to make sure that fortune is there for my kids and in perpetuaty.

What I am trying to say is people waste fortunes by giving them away because people blow them which is why so few families stay rich... And virtually no family stays rich where the money is just given away.

What makes a succesful inheritance is a TRUST. And the smart thing for someone to do is to have a trust that will survive them. So for example, if you have some family members that you want to help? and you have 5 million bucks when you pass? Make a trust where family members named can borrow for college, cars, houses, at a no interest rate,... You get the idea.

When you just give it away people will piss it away. there were two rich families I think one was the Vanderbilts the other the Morgans...Well the one family (i forgot which is which but the story is true) had just divided the wealth and each family had fotten like 10 million! and this was generations ago!! the other family had a trust where the members were given and allowed to borrow money for certain things....

In one family there were no millionares left and in the other, the family basically was still rich and a powerhouse...

Ok moral of the story: When a relative dies and gives you a thousand bucks or so, no strings attached. It is a no strings, go have fun, considerate proposition. But for real money and wealth? there is a lot of responsibility involved and is no joke.

Giving that money to her friend OP, showed your relative was smart enough to realize that if anyone was going to piss the money away, it might as well be her friend, who was old enough to maybe give some of it to a good cause after she passed.

I'm lucky. Pops never remarried after my mother and I'm the only child. I had him put the house in trust for the boys and what ever cash he leaves behind will be invested for my kids to go to college and start their own families one day.

I know exactly what you mean. The responsibility and difficulties are not for the weak of heart.

[billeau2]

I'm lucky. Pops never remarried after my mother and I'm the only child. I had him put the house in trust for the boys and what ever cash he leaves behind will be invested for my kids to go to college and start their own families one day.

I know exactly what you mean. The responsibility and difficulties are not for the weak of heart.

I was reading something today that made me laugh...The younger royals...Prince Harry? the one who married the movie star...well they want to "get away and live free" and apparently the Queen was like "NO!!!" get your butts back here, set up a staff and shut it!

With the wealthiest because of the resources that is what one has to do and when they are cut off from the family they have nothing to their name... On the other hand, the trusts which hold everything (nobody owns anything) will provide anything within reason desired. So the idea that freedom is part of wealth is another one of those romantic notions... As the prince harry and his bride found out.

What is great though is if your kids are taught how those trusts work, and how to replenish them for their kids, real wealth will be acquired. It is something I am teaching my kids and it goes against most of what is taught about money to the population at large. It does take a lot and the courage to do so in the face of adversity.

[snoopy360]

I was reading something today that made me laugh...The younger royals...Prince Harry? the one who married the movie star...well they want to "get away and live free" and apparently the Queen was like "NO!!!" get your butts back here, set up a staff and shut it!

With the wealthiest because of the resources that is what one has to do and when they are cut off from the family they have nothing to their name... On the other hand, the trusts which hold everything (nobody owns anything) will provide anything within reason desired. So the idea that freedom is part of wealth is another one of those romantic notions... As the prince harry and his bride found out.

What is great though is if your kids are taught how those trusts work, and how to replenish them for their kids, real wealth will be acquired. It is something I am teaching my kids and it goes against most of what is taught about money to the population at large. It does take a lot and the courage to do so in the face of adversity.

If all families taught their kids these basic principles we'd all have a piece of the pie. I hope the knowledge your dropping helps some of these young kids.

[Sparked_26]

You should leave something to your kids.

Because when you die that safety net disappears. It’s your responsibility to sort them out if you can

[Left Hook Tua]

I know you shouldn't covet and all that stuff, and there's nothing good about wanting to profit from someone's death... I know all that, but still doesn't stop me from thinking.

I had a rich grandma who could have afforded to literally help everyone in my family in some way.

So she died, and I just saw the will. She donated her art and jewelry collection worth millions, to a museum, and then she left everything else, all her property and money, to her best friend, who's 70 years old and has been living with her for the past decade since my grandfather died.

It's a pretty weird feeling lol. I don't know what to say.

Anything similar ever happened to anyone else? Your thoughts?

I dont know you

But you're grandma is probably right in not giving you anything

Quit looking for a handout

[Left Hook Tua]

if you can have any.

How about you?

Who's getting your lucky conk shells and bong?

[billeau2]

If all families taught their kids these basic principles we'd all have a piece of the pie. I hope the knowledge your dropping helps some of these young kids.

Snoopy

the truth is I drop it whenever I can because when I came into stuff I had no understanding at all... it turns out crazy as it sounds that not having conventional ideas saved me. I was book smart, so I read everything I could get my hands on and found a few contrarians and then...noticed that the rules seemed to change for people with a lot of assets. I then researched people that seemed to indicate there was no reason not to do things the way they should be done properly... and that this was how the wealthy functioned with assets.

I have my own individual who I found to be exceptional, but the things that emerged really made me realize the situation most of us are in:

Rich people own nothing. Everything is in a trust... Yet we are told to own assets.

Rich people do not earn income, yet instead of working for others and deducting expenses, we generally tell our kids to go get a great job where you earn a large income. Making the IRS rich.

Rich people do not save they invest. Which is why immigrants come over here open up restaurants that serve a community well, with reasonable priced food, and manage to support a family and grow the business.

I have taught my kids that they should build a business and work for others to learn skills that they can apply in a business. That is what I have done and though it can be rough having your own business, it is the better way to do things when possible.

[siablo14]

How about you?

Who's getting your lucky conk shells and bong?

Don't know as yet. Might be a young lady who comes and shack up with me until my death.

How about you?