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When Rich People Die

Posted by on Jan. 6, 2015 at 4:16 PM
  • 31 Replies

So I'm in the office eavesdropping on the conversation between my agency owner and a client. (They were seriously sitting at one of my desks so it's not like I could NOT listen if I tried) And they are talking taxes, property costs, financial planning, and estate planning.

Our client proceeds to say that he is working with his lawyer to make this possible.

When he dies he wants all his money to go to a charity. He wants the charity to have control of the money but for his daughter to have a life long income. He wants her to get a monthly check but not enough to live off of. He said the reason for this is he feels that she should pay her own way in life (understandable) but also he said he'd hate to leave the money to her and then have her turn around and die in a car accident leaving the money to his grand kids. He wants to make sure that the charity has the money regardless.

This man is in the top one percent. He is worth a few million. Nothing crazy I'm sure he's in the single digits but still.

It made me wonder. How many other rich/wealthy people do things like this. I've seen articles about rich people leaving their cash to their pet.

by on Jan. 6, 2015 at 4:16 PM
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Replies (1-10):
StoicLife
by Katerina on Jan. 6, 2015 at 4:20 PM
1 mom liked this
My parents are well off. I am not. But their estate starts handing me over certain items when I hit 35=..so far in life the wealth I have earned has been all me and my husband and I wouldn't want it any other way. It taught me hard work, good investing skills and how to be humble. I would be complety content living off what we have now.
702girly
by on Jan. 6, 2015 at 4:21 PM

I don't think he's in the top one percent if he's only worth a few million.

Anonymous
by Anonymous 1 on Jan. 6, 2015 at 4:22 PM

now there is a tax....55% of it is taxed and goes to the government. Did you know that? Wonder how that works out, the government getting more than what is left to whoever.

Anonymous
by Anonymous 2 on Jan. 6, 2015 at 4:24 PM

Actually I believe "the 1%" starts at around half a million or so. 

Quoting 702girly:

I don't think he's in the top one percent if he's only worth a few million.


Danesmommy1
by Grammar Enthusiast on Jan. 6, 2015 at 4:24 PM
1 mom liked this
My dad's parents were well off. They did leave some to family, I have a small trust fund because of them. I receive a small monthly allowance from it. It wouldn't be enough to live off of my myself, but it's enough to help DH's retirement pay and civilian salary out.

Most of their money went to charity though. Family members were set up with trust funds and the rest went to various charities.
Sydel
by Platinum Member on Jan. 6, 2015 at 4:25 PM

That's awesome. I don't have an issue with what this guy is doing. I believe in building work ethic and earning your own. I am getting my will redone this year and I had mentioned to my fil in front of my dd that if dh and I were to die in the next 6 years our live insurance would go into trusts for the girls and they would not be able to access the money until they are 30. She freaked out a little. But she's 13 to her 30 is ancient.

Quoting StoicLife: My parents are well off. I am not. But their estate starts handing me over certain items when I hit 35=..so far in life the wealth I have earned has been all me and my husband and I wouldn't want it any other way. It taught me hard work, good investing skills and how to be humble. I would be complety content living off what we have now.


Anonymous
by Anonymous 1 on Jan. 6, 2015 at 4:26 PM

Im pretty sure they only have to be making over $300,000 lol

Quoting 702girly:

I don't think he's in the top one percent if he's only worth a few million.


Sydel
by Platinum Member on Jan. 6, 2015 at 4:26 PM

My bad compared to me he's one of the big dogs LOL.

Quoting Anonymous 2:

Actually I believe "the 1%" starts at around half a million or so. 

Quoting 702girly:

I don't think he's in the top one percent if he's only worth a few million.



StoicLife
by Katerina on Jan. 6, 2015 at 4:26 PM
That's very true!!!

Quoting Sydel:

That's awesome. I don't have an issue with what this guy is doing. I believe in building work ethic and earning your own. I am getting my will redone this year and I had mentioned to my fil in front of my dd that if dh and I were to die in the next 6 years our live insurance would go into trusts for the girls and they would not be able to access the money until they are 30. She freaked out a little. But she's 13 to her 30 is ancient.

Quoting StoicLife: My parents are well off. I am not. But their estate starts handing me over certain items when I hit 35=..so far in life the wealth I have earned has been all me and my husband and I wouldn't want it any other way. It taught me hard work, good investing skills and how to be humble. I would be complety content living off what we have now.

VibeRant
by on Jan. 6, 2015 at 4:27 PM

I don't know about when they die but, when they're alive, some of them act like the dumbest and biggest jerks on the planet. It's like their IQ got smaller as their wallets got fatter. 

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