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peter45

Should I spend my children's inheritance?

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I have always been frugal (cheap).

I made a good living.

I drove beat up cars. But, dents and rust made them less likely to be a target, which was a good idea, in some of the neighborhoods I worked in.

The house was paid off years ago.

I surprised myself, when I totaled up my assets. I'm doing very OK.

 

My kids went to college.

They are in their 40s, with their own kids.

They have nicer houses and cars than I do.

They are doing OK too.

 

I still drive an older car.

Low miles, well maintained. Wouldn't take the grandchildren out in something that was not safe.

Been in the same house 40+ years. Like it. Don't want to move. Probably would get lost in a new neighborhood.

 

I retired a few years after the official age.

I still have a few years left, according to the government projections.

Physical problems are making it hard for me to get around. Not going to go see all the places that I thought the wife and I would go see.

I travelled for business, so I have seen most of those places, but my wife never did, so I feel a little guilty.

 

So,

unfortunately,

even if I wanted to spend the children's inheritance,

I don't know what I would spend it on.

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Despite any physical or travel limitations, you are still alive.  What if you or your wife need the money for medical emergencies but you had already given away the inheritance and your children had already spent it?  What if you become even more debilitated and have to pay for expensive help?  How would you, your wife and the kids feel then?  If you don't plan on killing yourself, keep the money for now and they will get their share after you're gone.  

 

If your children were in poverty or dire straits, it might be a different story.  But from what you say, they are doing very well.  So don't take the chance of stranding yourself up the proverbial Shyt's Creek without a paddle.

 

Just my mild-mannered opinion:).

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I think you misinterpreted what I wrote.

No, I was not thinking of giving money to my children.

I was thinking of buying something for myself.

You know, go wild and crazy.

 

A couple years ago, I bought new wheels and tires for my 10 year old truck.

One wheel plus the tire cost about $350 EACH, which, for me, is pretty extravagant.

But the truck had about 70,000 miles on it, and the new wheels were aluminum, and made it look quite good.

That is the kind of wild and crazy I'm talking about.

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Sorry for the confusion.  Okay.  Back to the drawing boards;  Plan B and all that jazz. 

 

Continuing on the same line of thought really, not only should you keep the money but yeah, now that you're somewhat physically limited you should depart a little from past habit and treat yourself to some nice stuff.  From what you said in the OP, I'm guessing expenditures of several thousand won't bite into your nest egg hardly at all. 

 

If that's the case, I say, go for it.

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8 hours ago, bludog said:

If that's the case, I say, go for it.

 

All of what Bludog said goes double for me.

 

You've worked hard all your life, raised kids, probably did the right thing 99% of the time. You can treat yourself to something. There will be plenty left over for them to fight about.

 

I'm like you (and so is my wife), in that we have a frugal lifestyle; but I wouldn't call it cheap. Panhandlers get money, and when it's time to buy something, we but the thing that will last even if us more expensive. But if it's a toss-up between name brand and cheaper identical store brand, the cheaper one wins.

 

One last thing: language matters. That money you have is "your money", and it is not "your children's inheritance". Since it is "your money", you could also leave it in your will to cancer research, in which case it will never be "your children's inheritance".

 

I have no children, and my wife's children don't talk to her, and my nieces and nephews are entirely uninterested in me ... so Tampa's Moffitt Cancer Center is where my money will end up.

 

As to what you could spend on:

- If you're having trouble getting around and want to stay in your house, spend it on in-home care. Someone to come and clean your house, do your shopping, help in ways that your kids will resent (if they'd do it at all).

- If you live in a sizeable city take your wife out to some fancy dinners in an ethnic restaurant of a country she would have liked to visit. It's not international travel, but it's something.

- Take her out to first run movies. She deserves some nice days too, I'll bet.

- Since you have trouble getting around, see a doctor and get a handicapped placard for your car so you don't have to walk long distances when you park.

- Eventually you might need to pay for an assisted living facility. (Assuming your kids won't spoon-feed you, and bathe you, and wipe your butt.) Money buys nursing care.

- Take drives to the countryside, for the nice outing and drive, but also to buy fresh produce, honey, maple syrup (if your state produces it), hard cider, whatever farmers in your area make.  (Get info on the net.)

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