Quote:
Originally Posted by Knalus
I'm more concerned with dealing with other people who have had wealth transferred to them, than I am with the people who want to transfer their wealth. It's an honest desire to pass your wealth on to your kids - but it's also a common blindspot to not see how it negatively affects those same kids.
And saving for after death, that seems wasteful.
Honestly, I'm dealing more with the concern of having to spend my own money on my wife's, and my, parents than the other way around. It makes the unfairness of the situation feel all the worse. Especially when the fairness argument is raised. People who didn't work hard for their inherited money, using the whole "but my parent's did work hard for theirs" argument. I'm sure there are more than a few people like me in this situation.
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I don't think it's a blindspot at all - without question, the biggest issue my clients face is how best to deal with their children (in all of the ways that implies).
And I understand your situation, but I think it warps the issue to suggest that the heirs didn't earn it - maybe not, but
someone earned it, and they should have the right to decide what to do with it. I don't think that is unfair.
For anyone that thinks the children didn't deserve it (because they didn't earn it), I would say this: do charities 'earn' it? You can pass your wealth to a charity, free of tax. But you shouldn't be able to pass your money to your
children free of tax?
To me, that is ludicrous.
Providing for our families is among the most basic of personal desires/goals.