yep, talk with any estate attorney and the stories are horrific/sad/funny

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Dec 7, 2021
12:16:55pm

Mayor of Cougartown Truly Addicted User

yep, talk with any estate attorney and the stories are horrific/sad/funny

so many example of parents telling their kids "hey, you'll each get about 5 million when we go".. Child proceeds to not save for retirement banking on this. Parents change their mind - attorney has the pleasure of telling them they get no money but instead just grandmas quilted blanket collection. It is not a pretty scene.

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Mayor of Cougartown

Previous username: kennycoug
Bio page: Mayor of Cougartown
Joined: Sep 13, 2005
Last login: May 5, 2024
Total posts: 55,125 (15,918 FO)

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Messages

Author

Time

I see a lot of comments on how great “generational wealth” would be

12/7/21 12:00pm

You hear about Lehi? He left all his wealth to family — & just up & disappeared

SinkingQuffa

12/7/21 12:03pm

That I did.

LEHI cougar

12/7/21 12:33pm

Hey dude — it's been awhile! You hear what happened to Laban???

SinkingQuffa

12/7/21 12:39pm

So should it be left to charity? Or something else?

12/7/21 12:04pm

I think you use your money in a way that fosters self reliance

12/7/21 12:34pm

Providing micro credit for people who have a plan and want to work. Or making education accessible for productive means

mvtoro

12/7/21 12:44pm

It should be donated to BYU athletics

pappabear246

12/7/21 4:39pm

I think people are making a lot of assumptions about generational wealth...

Parabellum

12/7/21 12:04pm

It's one of those things none of us would turn down, and we would all

WizeGuise

12/7/21 12:05pm

yep, talk with any estate attorney and the stories are horrific/sad/funny

Mayor of Cougartown

12/7/21 12:16pm

Some in the industry call it the "cold hand slap"

SurfCoug

12/7/21 4:04pm

IMO, it's not a given that kids from rich families end up lazy and spoiled.

shoganai

12/7/21 12:05pm

That’s not what I meant to say

12/7/21 12:11pm

I think this part of it is pretty vital

crack

12/7/21 12:16pm

Not a given, but there is research showing that probability of negative outcomes

Gustav

12/7/21 12:19pm

Just my opinion, but money is just a magnifier. If you teach your children to be

crack

12/7/21 12:07pm

A lot of money issues just come with the territory. It can be harder to teach good life lessons to your kids when they

No touching

12/7/21 12:27pm

I agree

12/7/21 12:38pm

I don't think there is a person here who would choose generational poverty over

crack

12/7/21 12:45pm

Hopefully it's "just" a magnifier, anyways.

SinkingQuffa

12/7/21 1:39pm

Nothing wrong with wealth - depends on what it does to the person and use!

truecougster

12/7/21 12:18pm

It’s a tool with a lot of power.

12/7/21 12:43pm

More than 10K? Shoot

Heath Squashwell

12/7/21 12:24pm

Yup, see Hunter Biden. Generational wealth ruins kids.

CougarTailDevourer

12/7/21 12:33pm

*Generational wealth provided by stupid parents without boundaries. There are tons of counter examples.

mvtoro

12/7/21 12:43pm

I was thinking more along the lines of Don Jr and Mitt Romney

IceBlueCoug

12/7/21 6:36pm

Hunter Biden is not a product of generational

pappabear246

12/8/21 3:52pm

The chapter about Economic Outpatient Care is revolutionary and should be read

kotacoug

12/7/21 12:35pm

This line makes a lot of assumptions: “But Why would you want to turn your kids into Uber wealthy, spoiled brats who

mvtoro

12/7/21 12:41pm

It’s not a given that wealth creates spoiled kids

12/7/21 12:47pm

And when I think of generational wealth I think of grandkids & great-grandkids. They don’t even exist yet, so I can’t

Odysseus

12/7/21 12:49pm

It’s important for parents to parent even wealthy parents

CougieMcCougFace

12/7/21 12:52pm

I just watched the first episode of Yellowstone. I like that John Dutton fella. I want to be like him and buy up an

RootieBoy

12/7/21 12:58pm

Exactly the reason I decided not to become rich...

fatcracker

12/7/21 1:33pm

And if you think he's just joking... as BYU fans perhaps

SinkingQuffa

12/7/21 1:38pm

Jordan Peterson with an excellent analysis

JupiterJones

12/7/21 2:17pm

That's a great book - even better on that topic is "Die Broke".

antiyewt

12/7/21 2:40pm

Wow bless your soul for having those as your former in-laws

12/7/21 2:51pm

Married to that for 18 years.

antiyewt

12/7/21 3:03pm

My wife has a step family that is really screwed up

12/7/21 3:06pm

As is often the case — sounds like the money corrupted the parents first.

SinkingQuffa

12/7/21 2:59pm

GC talk about this a few years ago -

ForzaPuma

12/7/21 3:00pm

This is what I was referring to with the Brigham Young quote:

King of Y

12/7/21 5:28pm

Sometimes I think people who don’t have generational wealth say this to feel

12/7/21 6:10pm

It was 20 years ago and before all this crazy inflation

12/7/21 8:44pm

I'm in my 60's and my father is still alive. I assure you he could leave me more

deljdc

12/7/21 7:46pm

Honestly, the idea of leaving my children with tons of $$ is not appealing. I

BlooCoog

12/7/21 7:52pm

I've read 70% of it is gone after 2 generations, 90% after 3.

seacougar

12/7/21 10:02pm

What happens if one child struggles with medical issues, unemployment, inability

kotacoug

12/8/21 7:51am

Those are exceptional circumstances that can be accounted for in the provisions.

seacougar

12/8/21 2:39pm

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