Depends on the kids. Are you doing without things you want to do in order to leave money to kids who you know are just going to do the things you wanted to do with it? If so, then the answer is no. I have actually had this conversation with my Father-in-law. He is of the generation that drives cars until they fall apart, wears shoes until they fall apart, takes the bus versus a cab, etc., yet he has a very nice nest egg that he plans to pass down to his two kids. I have tried to get him to spend some of his money and go enjoy things but he just won't do it. I'll take the money, but the wife and I certianly don't need it and I would much rather see them enjoy it. I'm going to feel guilty when I buy my new Prevost with his money.
2004 National Tropi-Cal T-350, Class A, Triple slide, 330 HP Cat DP. 2006 Dodge Dakota 4x4 or
2002 Harley FLSTF Fat Boy on a Trailer or
2004 Polaris Quad on the Trailer
As a tax accountant, I worked for many years with clients from both sides. Generally, the happiest ones who lived a good life, enjoyed pleasures and left whatever was left over to their children. The ones who kept as much as possible to pass down to the kids and let them know about it, would have been disappointed at the behavior of the kids. They fought over every little thing and generally make enemies of their siblings. My children know there will be something for them, maybe, but not the specifics and certainly not when, heck I don't even know that. LIke the poster above, we gave them most of their inheritance when they were growing up with school and passing on, when possible, the things that we had learned as we grew up.
I don't expect any inheritance when my parents pass on. My parents are newly retired, but they aren't scrimping to have money left at the end. A good portion of their estate is going to charities when they pass on.
What we've given our two kids so far is a secure & stable homelife, a good education, and unbeatable experiences across the Lower 48 States. About the only thing that'll get passed down is the ability to distinguish right from wrong, the will to "get in there and do what needs to be done," and the common sense to support the first two. DW stayed home with the kiddos when they came along so we've never set the world on fire, financially speaking. Don't regret that one bit.
With any kind of luck, my kids/grandkids/great-grandkids will get some of my Mother's doll collection, some worn out old guns, some worn out old fishing equipment, and some worn out old tools.
Unless, of course, I sell the whole mess, jump in the motorhome, and go wander around until I die.
Then they can have the worn-out old motorhome!
CM1, USN (RET)
2002 Fleetwood Southwind 32V, Ford V10
Toad: 2006 Jeep Rubicon LJ
Other toad: '06 PT Cruiser, Kar Kaddy dolly
Toy: 1977 Dodge W100 CC SWB, 3/4 ton axles & springs
"When seconds count, help is only minutes away!"
I am in total agreement with the concept that an inheritance is something that is not automatically deserved and that anticipation of such can create problems between siblings. That being said, it is strictly an academic discussion for us because after raising 2 biological and six pre-owned kids our finances are such that we are expecting THEM to provide for US in our old age.
Rick & Karen
2006 Monaco Monarch 30PBS, Class A, Triton V10
2013 Honda Fit Sport automatic, Roadmaster Stowmaster.
DH's siblings are licking their chops but MIL and FIL's "bucks" will need to be split between 6 kids and trust me, they don't have that kind of money, so I believe there will be 5 long faces some day. We hope to leave our kids a decent inheritance and that's why we pay our home insurance premium. It's one way to help make a family comfortable.
We will leave the kids whatever is left over and, if the country survives and we don't donate too much to the Physicians Mutual Benefit account, we've been blessed enough so that the leftover might be noticeable.
There is absolutely no sense of either obligation nor expectation regarding the estate that is left to the kids, however.
Displaced Alaskan NO MORE!
My RV is a 1946 PA-12