# (Your) Ideal amount to leave in your estate?



## Islenska (May 4, 2011)

We have an amount needed for retirement but what would you like to see left in your estate for beneficiaries, zero.....as much as possible?


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## Nemo2 (Mar 1, 2012)

Don't care. At present, (and hopefully in the future), we're living happily on less than we pull in, so that the principal (currently) remains untouched.........if our beneficiaries get the lot, good luck to them....we don't have the feeling of 'missing out'.


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## kcowan (Jul 1, 2010)

We see the principle growing every year just like Nemo2. We do not want for anything and have been retired for 10 years.


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## Spudd (Oct 11, 2011)

I don't have kids, so I don't care about leaving money to anyone. However, I also feel no intense need to spend every dollar before I die. Probably I'll end up having a small estate that will go to my nieces.


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## piano mom (Jan 18, 2012)

We have 2 minor children who will need financial support so it's important to make sure they will be taken care of. If we didn't have children, I think we would be spending more freely and would probably leave much less to our brothers and sisters.


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## marina628 (Dec 14, 2010)

piano mom said:


> We have 2 minor children who will need financial support so it's important to make sure they will be taken care of. If we didn't have children, I think we would be spending more freely and would probably leave much less to our brothers and sisters.


We have big life insurance policies so there is little need to leave anything behind.Having said that I rather give to my kids while I am living than have them wait til I am dead.We are business owners so we already give our daughter a pay cheque to pay for her schooling and lodging while she is in school and as soon as my youngest hits the legal age to work I will give my younger daughter a pay cheque of the basic personal exemption amount each year.I have a mailing list of about 10,000 so she will be keeping busy at that job .My business allows me to give to my parents and my sister now so I give them each $5000 every year and my sister has practically renovated her house with money from us which I really love seeing.
My oldest daughter sticks to her budget we set for her two years ago despite having a balance of $xx,xxx in the bank ,we gave her $100 a week spending money budget and she broken that down to $13 a day which she sticks to.I would probably be better off if I gave her my money and had her save for me lol


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## Maybe Later (Feb 19, 2011)

Assuming we make it to old age I hope to give most of it to kids and grandkids while I'm alive. If we were to purchase annuities to mitigate longevity risk then I would expect to leave much less of an estate than if we chose to manage everything ourselves. 

I see it as a decision we will have to make some day since my kids have great-grandparents on both sides of the family (and we were not spring chickens when we started our family).


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## lonewolf (Jun 12, 2012)

Maybe latter

You come first.
It is a wonderfull feeling to have the self esteam that comes with being committed to that which is good & true & being CAPEABLE & worthy of living.

Money is good but knowing your strong able to be independent with high esteam is priceless. Dont want to take that away from anyone including your kids & grand kids, enjoy your money. What I might do with my money when I die is match a certain amount to who I leave it to @ a certain age. Maybe @ 50 yrs of age if thier net worth is 50 dollars I will leave them 50 dollars if its a few 100,000 I will leave them that amount. Charity can get the rest because I am not giving money away to someone that does not respect it.


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## Plugging Along (Jan 3, 2011)

We have two young kids, so for us right now between insurance and our estate, we would leave enough for them to be well provided for in case something happens before they are old enough to make it on their own.

Our wish for our kids is to have them be self sufficient enough that they will never count on an inheritance and they will make it on their own. I have seen many kids where they have received large sums of money or know they will and they never work to their potential because hey don't have to. Our kids will know they have enough that they won't be out on the streets, but will still need to make it on their own.


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## Karen (Jul 24, 2010)

I once read an article in a money magazine about women and their financial goals. A number of women in a variety of circumstances were interivewed. My favourite was a career woman who had never married or had children; she said, "My goal is to spend my last dollar as I draw my last breath." I loved it!

Easier said than done, though!


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## sags (May 15, 2010)

Very wealthy people say that one of their biggest concerns is what to do with their money when they are gone.

They want to leave some for their kids, but not enough to get them into trouble.

Many wealthy problems have a litany of family problems to go along with their success.

The Kennedy's have done great things.......and also been in lots of trouble over decades. The McLain family (french fry fame) fought over control of the estate for decades. Warren Buffet and Bill Gates are giving most of their money to charity. 

Even a much less amount of money can turn normal kids into problems. Wreck a car.......oh well.........just buy a new one.........and they will be surrounded by "friends" of a dubious nature.

Maybe spread it around to a lot of people to do the most good.............and create the least amount of damage?

I sure am glad too much is one problem I won't have...........


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## Ponderling (Mar 1, 2013)

I am not aiming to leave any great legacy. Kids are 10 and 13 now, and I am 46, wife 48. We aim to semi-retire within the next decade.

Some of our TFSA holdings are really a hedge against things going wrong with the what we feel are modest retirement asset performance and inflation projections, .
Our projections don't give assign any value to the paid off hosue we live in.
I am believer that in the coming demographic storm that a lot of the value of real estate is likely to go away, at best gradually. 

If all goes right we project there will be some excess funds to sprinkle around after we are 80, to see who makes good use of it. 

Then whoever lives longest can feel they are allocating any modest residue of our estates responsibly. 

I am not a big believer in passing wealth on as cash. I do have funds saved for 4 years of post secondary education for each of my kids.
If that goes to paying for the trade school portion of an apprenticeship, or paying a stipend to their family during that time if grandkids are a part of the oicture by then, I think that would be of more value to thier future job propects that one more person with a poorly focussed BA under their belt.


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## kcowan (Jul 1, 2010)

I have passed on cash at each family death. For Dad, it was $10k each (2000). For Bro, it was $50k each (2009). I picked these amounts because they are not life-changing but they do allow some options. Both boys ended up with their own cottages after the $50k inheritance but also within their means (Ontario). So I see it as a lifestyle choice that was opened up to them.

I am hoping there will be no further inheritances for at least 10 more years...preferably 20 more!


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## Charlie (May 20, 2011)

My parents are off on another ski holiday (Spending our Kid's Inheritance). I'm glad.

I don't want to run the tank so low that running out is even a remote possibility, but I'm not concerned about leaving a financial legacy. I'll pay for my kids' schooling and do my best to instill character. That should set them up well. Plus I intend to stick around past the time they could really use the money.

And I'd be OK receiving even a sliver of Buffet's or Gates estates. There's a whole bunch left over there even after giving 'most' of it away!


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## PrairieGal (Apr 2, 2011)

I am not planning to leave a big inheritance. If there is something left, it will go to my two kids. My Dad (80) just gave each of his 5 kids 10K, and that was much appreciated. I would consider doing that if I make it to 80.


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## Maybe Later (Feb 19, 2011)

@lonewolf, spending on our family while we live is for us, not for them. As an example, I'd far rather take them to Disneyland and get to see their faces instead of knowing that they will have the money to go after I die. At the same time, I plan to be very comfortable in retirement and would certainly consider annuities to mitigate longevity risk over leaving a larger estate.


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## fraser (May 15, 2010)

I think that the answer to that question changes as we get older. Our attitudes change, our assets grow (hopefully), and to a certain extent our values change a little. At some point our attitude could also change to include the third generation of grandchildren. 

I think it also depends on our perception, at any given point in time, of how well our children/spouses/partners are at managing their respective financial affairs. This too can change over time.

Our answer to that today would be very different than our answer 20 years ago when we were in our early 40's. And it will probably be different in 10 years.


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## ranbam (Jan 12, 2013)

For me ideally $0. To quote a friend of mine 'it would be nice to die on the day I spend my last dollar.' However, there will be something since no one know how long they need their retirement assets to last.


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## My Own Advisor (Sep 24, 2012)

We don't have kids, so I don't care about leaving too much money to anyone; a small estate will go to nieces and nephews.


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## Homerhomer (Oct 18, 2010)

As it was already mentioned by others we do our best to raise our child in such a manner that hopefully he will be self-sufficient, and if the finances are imporant to him then he will likely be more successfull than we are, so far everything is on the right track, if something should happen to me or my wife in the next few years the life insurance will be more than enough to get him through until complete independence. In our situation our own retirement is more of a concern if we should happen to live long life, if anything is left over it's a bonus.


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## jcgd (Oct 30, 2011)

I'd rather give my kids the money when they are young, even if it's less. An inheritance would be swell at 65 but I won't need it then. Help with college tuition would be much more valuable in my eyes.


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