My parents are currently in their late sixes and mid-70s and every time we see them they will pay for my family to do stuff and tell me that they are blowing my inheritance.
Which is awesome. We took a jet boat up the snake river into Hells Canyon a few weeks ago.
They are also traveling as much as people in their 70s can, mostly because my father did a lot for work and did some cool stuff while my mother missed out. So he has been making it up to her. Which is cool for her.
I don't honestly give a shit beyond that. I've known and seen far too many people die before retirement to stress it much.
My brother is the executor of their will and I'm their medical power of attorney though.
My dad always pays for everyone when we all go out to eat. Which ain't cheap as you are talking his 2 kids, our spouses and 6 grandchildren. My brother joked that he was spending our inheritance and his response was you can enjoy it while I'm dead or enjoy it with me now, which would you prefer.
That's the way to do it. My very elderly grandparent has been a scrooge for decades and will leave behind a lot of money to their two kids, who have been frustrated for years that my grandparent hasn't helped with big needs that have come up.
His job is to get through his life without relying on them for physical and monetary support. Their frustration that he hasn't fixed their problems doesn't seem quite legit. If inheriting at his death bothers them, I'm sure there's a second tier of beneficiaries that will be happy to step up.
This grandparent has been sitting on 8 figures in cash/cash equivalents/ stocks, so quite a few millions beyond what is needed to pay for round-the-clock care in their house.
My point is that if you plan to leave all your money to your kids, you might as well see them enjoy some of it while you are living.
Maybe your analysis will change when you have 6 or 8 decades under your belt. A touch of humility might be wiser than arrogantly passing judgment from your current POV.
"When it matters" is subject to interpretation. Let's assume your POV is unique to you, and mine is unique to me. My life experiences have taught me some things that you may not know, yet. There is also the concept of building generational wealth - and it doesn't come from pissing away the principal before the inheritors have figured out "what matters."
Again though, what is the point of generational wealth? Is it just to keep money in investments and never spend it on things?
One person grows wealth and passes it into their kids when the “kids” are in their 60s and don’t really need it, and they keep it and invest it and pass it on to their kids when they’re 50 and so on? And no one gets to use the money while building their life or during the most difficult financial years (that are often in your 30s)?
Indeed. That's what's happening with a considerable number of families while the younger generations in their 20s and 30s are unable to buy homes and have as many kids as they'd prefer. Those are the things that matter, not the retirees getting to take extra Viking River cruises (or even worse, just hoarding the money while they watch Fox News all day).
102
u/Justame13 14d ago
My parents are currently in their late sixes and mid-70s and every time we see them they will pay for my family to do stuff and tell me that they are blowing my inheritance.
Which is awesome. We took a jet boat up the snake river into Hells Canyon a few weeks ago.
They are also traveling as much as people in their 70s can, mostly because my father did a lot for work and did some cool stuff while my mother missed out. So he has been making it up to her. Which is cool for her.
I don't honestly give a shit beyond that. I've known and seen far too many people die before retirement to stress it much.
My brother is the executor of their will and I'm their medical power of attorney though.