I am not a big fan of Jeopardy! or reality TV. Reality is challenging enough for me, thank you. I do watch many movies, and I especially love classic movies. The old ones I can re-watch, rewind and re-watch, and so forth. There are so many to choose from that I will never run out of options. After all, having options is what makes this country best.
In particular, you have three options for your Estate Money:
- You can spend it.
- You can give it to your children or chosen benefactors.
- You can have the government take it.
There are no more options than these three, sorry.
First, you have seen the bumper sticker, “I am spending my children’s in heritance.” It is funny when you read it. It is not so funny when you think about it a moment. The facts concretely gravitate towards this. Just go down your current budget, project it 3% over 50 years and see whether this will make you laugh – or cry. Preserving purchasing power is essential. Spend it, you will.
Second, you can give it to your children. With planning, if you believe in it, many of you will have enough to leave some capital to them. Some of you will stint your lifestyle just to leave a legacy to the kids or grandchildren. Leaving money behind is based on many assumptions and good stewardship.
Three, this one is just distasteful. Yet, there are many that blow it, and the government gets 50% in the end. Years of hard work are shared with the government; it just does not deserve that kind of good treatment.
Options, options, options! – this is the name of my TV game show. In my show, you are given more than three curtains of options. How about six or seven curtains? There may even be more.
Most of you reading this are in the shadows of your productive life. Sorry, we are not getting any younger. (Tempus fugit.) So, while there is time, begin with the end in mind. Whom do you want to get your money? Your children, grandchildren?? The government? ON THE OTHER HAND, will you run out of money on the day they lower you into your permanent, final, physical residence?
What’s it gonna be?