Quote:
Originally Posted by undercoverbrother
Sliver do you know that your kids want your money?
I am at the point where my parents (mid-80's) and my MIL (mid-70's) are openly talking about how much money they will be leaving behind. They are saying things like "Well we can't do X because we want to leave you money".
The message from my wife and I is, #### no. Spend what you have on yourselves. There is no and there shouldn't any expectation that my parents leave me any $.
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They're too young and naive to want it right now. They also didn't grow up in a house where the furnace crapped out and it was -30 and their mom burst into tears because she had no money to fix it. They honestly are blissfully unaware of how hard it can be when you don't have enough money.
I'm finding as I get older major diminishing returns in how happy a new cool purchase makes me. Planning for my kids puts a smile on my face, so maybe it isn't as altruistic as I'm making it sound. I like to plan to be able to help them because I like it, not because I feel I'm giving anything up.
If they end up being financially well off and not in need of my help, fata it, I'll buy a Rolex and a Porsche to celebrate.
If your parents have extra money, pitch buying a "legacy property" to them. I love that term for a family cabin/condo somewhere fun. Everybody gets to enjoy it (including them) and you can create some awesome memories. Invermere, Canmore, Radium...lots to choose from.