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Aug 1, 2020
10:02
:37
am
jkccoug
All-American
Typically $10m can go tax free.
Although that can change at any time
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jkccoug
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Socrates Johnson
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jkccoug
Joined
Jul 19, 2002
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Oct 13, 2021
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Messages
Author
Time
POLL: Let's say you have a $10MM nest egg to pass on when you die. How much would you give to your kids?
Odysseus
Head Gamemaker
7/31/20 8:31am
My parents are leaving 10% to charities, and another 10% for us to do same.
ReyOso
7/31/20 8:35am
Just so you know when the time comes cougarclub is a charity
cougarfann888
7/31/20 8:36am
It might be on their list. Wouldn't surprise me.
ReyOso
7/31/20 8:37am
10% - so basically they're making you pay tithing on it?
Eddie
7/31/20 8:38am
I'd try to burn through it having amazing experiences with them.
Blueto
7/31/20 8:37am
Whatever is left when I'm gone.
Eddie
7/31/20 8:41am
There’s not a single trust fund kid I’ve met that I thought “you seem like
maxpowers
7/31/20 8:41am
It depends on where they are when I die. If they’re in a good place financially and in their relationships with
Pimpin4Paradise
7/31/20 8:43am
Your post went the opposite way I was expecting
Great38
7/31/20 8:54am
Cash? Very little. If it is an operating business that they are involved in, then the whole thing.
CDV
7/31/20 8:44am
With 10M, I would hope I would have started some charitable foundation of sorts.
OPINIONS
7/31/20 8:46am
Typically $10m can go tax free.
jkccoug
8/1/20 10:02am
Probably half. They'll get whatever's left that I don't give to the Church.
Santos L. Halper
7/31/20 8:48am
My FIL always says if there is money left when they die, he planned it wrong.
Great38
7/31/20 8:52am
30% to kids, 20% charity, 25% to extended family and friends and 25% to other.
greatbam
7/31/20 8:52am
My wife's grandparents are leaving their fortune behind in the form of a family
Hambone
7/31/20 8:53am
My wife’s grandfather tried that. Was sold off by the time he had been dead 2 years.
Zedhead
7/31/20 9:07am
Just put it into the will that this can't happen. For 1 generation.
greatbam
7/31/20 9:29am
That's what I would do. Just specify that if the property is sold within 50
Hambone
7/31/20 9:32am
My mother’s uncle did that with a huge cabin in Montana. 100 year legacy.
Nat Gas Man
7/31/20 2:53pm
I'd make it dependent on them doing something worthwhile with their lives.
boogers
7/31/20 8:56am
I always thought that if I had a bunch of money like that...
Eddie
7/31/20 9:03am
All of it - I love my kids more than a charity or a church.
ClackamasCoug
7/31/20 9:24am
??? 2M should take them a long way. I guess it depends on how old they are when
cougaman
7/31/20 9:40am
I guess everyone's different. 10 isn't much - 100 changes the scope a little.
ClackamasCoug
7/31/20 2:43pm
I think age is a bigger factor. 100K when I was 18 years old could have been
cougaman
8/1/20 9:28am
I went to a conference once where a guy talked about 20-30 year plans and how
crack
7/31/20 9:48am
RE: I went to a conference once where a guy talked about 20-30 year plans and
85fan
7/31/20 1:33pm
Depending on the number of kids, $10m is not that much.
jbob
7/31/20 10:27am
Hopefully I am not such a cheapskate during my lifetime
Plato
7/31/20 11:45am
My kids are young so hard to say, but they seem awesome
Medute
7/31/20 12:46pm
Money amplifies character, it doesn't change it
cougaman
7/31/20 1:13pm
That's a good way to put it.
crack
7/31/20 1:19pm
Yep. Not only character, but it also magnifies both strengths and weaknesses.
Division Bell
7/31/20 2:10pm
Well $10MM is not that much money...
CoachSpeak
7/31/20 1:49pm
It’s life changing money for pretty much everyone.
OPINIONS
7/31/20 1:53pm
It might change your life but it is not something that generations will live on.
CoachSpeak
8/1/20 8:22am
You can't retire at 35 on $2.5 million? Which planet did you say you're from?
spoxjox
7/31/20 2:11pm
Take 500K and buy a modest home, then live off of 2 million nest egg without a
cougaman
7/31/20 2:28pm
From what I've seen, in Utah $500k will buy you much more than a modest home.
spoxjox
7/31/20 2:30pm
It won't buy you an extravagant home though. If I got 2.5 million, I'd find a
cougaman
7/31/20 2:39pm
So you can live a little better than modestly on it...
CoachSpeak
8/1/20 8:32am
I was just saying you could easily retire on it.
cougaman
8/1/20 9:22am
The conversation had been in part about how the windfall ruins the lives...
CoachSpeak
8/1/20 8:24am
So as you noted there are a bunch of exceptions to it...
CoachSpeak
8/1/20 8:40am
Seriously. What on earth?
Gerald-DeGroot
8/2/20 8:18pm
If you had $2.5m tax free, you could put it in income stocks yielding 7%
jkccoug
8/1/20 10:08am
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