Some of our friends and family received nothing!
What are your thoughts on leaving your children a “legacy”? My wife and I recently changed our life insurance agent due to his retirement. The agent served us for close to 25 years. The new agent had us fill out a financial/retirement survey to help serve us better and get to know us, and scheduled a meeting.
During the meeting he suggested having us carry more life insurance, which is understandable, the previous agent did this, and it is their job to sell more to “protect for the future.” However, he seemed to be focused on the amount we would be able to leave as a legacy to our kids. I received about $100,000 from my share of my parent’s estate that we paid our house off with. My wife’s share of inheritance, if and when her dad passes, would be about $15,000 to $25,000.
It’s certainly possible that once you inherit this money, your family will glom onto you and see you as little more than a deeper pocket. This happens to lottery winners and professional sport players, too. But there are ways to handle this sort of windfall that make it less likely your relatives will continue to reach for your wallet.or Warren Buffet and live in a reasonably-sized house in a nice, middle-of-the-road neighborhood. Continue to drive the same car.
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