Thursday, February 27, 2020

Amusing Myself

There was a story on last night's commercial tv news about 'spending the kids inheritance'. It hasn't gone to air as I type. It was a promotion.

I remarked to R what a trite saying it had become and it isn't the kids inheritance until they receive it. It is their parents money. The inheritance is what is left over.

R mentioned that he jokingly said the phrase to Sister, who sour faced turned around and said no, that's not what you do. After R told me about this, I stepped out onto the balcony and had a fit of the giggles.

I came back in and said to R, remember the old American tv shows where the family would sit around a large table in the solicitor's (lawyer) office and the will would be read. It is a bit topical as Ex Sis in Law sent a message asking if we, the apparently rich ex gay brothers' in law, could lend her $200. We did, as Hippie Niece spent money for shopping on rubbish and perhaps going out. Ex Sis in Law and her husband had been away for the weekend in their newly bought second hand caravan. Hippie Niece has now been admitted to a private psychiatric hospital for 'adjustment to her medications'. Do you see a systemic problem? Ex Sis in Law with no money. Her daughter Hippie Niece with no money, yet they live better than we do.

Anyway whoever dies first, thinking about this made me laugh and R did too when I reminded him about the old tv shows where the will was read out.

The solicitor speaks: 'While Andrew and R lived a good life and they weren't spendthrifts they did however travel a lot in their later years and at the points of their deaths, they were almost entirely reliant on the government pension. As you would imagine, their home is worth quite a lot of money and while I said they were mostly reliant on the government pension, I have discovered that their apartment has been reverse mortgaged to fund their lifestyles and once the bank takes it share and costs from the sale of the apartment, there may only be a few hundred dollars for each beneficiary of the will'.

I can just imagine the crestfallen looks around the table.

It would be almost worth trying to set things up that way, but the problem is, as we discussed with our friend from the country last Friday, like she, we really don't know how to spend money after a lifetime of working to get where we now are. If you say, you haven't had to wear the cost of bringing up children, it is a fair comment, and maybe we would swap out advantageous position if we had our time over and could have children, by whatever means. R would have. I don't think I would. It was not a choice we really had.

38 comments:

  1. I am also childless. And never, ever viewed my mother's money as an inheritance. In her later years she often put of spending money on things she needed because 'that money is for you kids'. Which used to make me very angry. Some of her other spending (booze and purchases from Global Shop Direct) I would have been happy to see limited.

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    1. EC, I understand but if booze and tv shopping? was her thing, it is her money, as I know you know. So where does your vast wealth go?

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    2. My unvast wealth goes to carefully selected charities. It was indeed her money. The booze made for a heap of problems (and hospital visits). The Global Shop Direct was just an irritation. It never worked as 'expected' and I couldn't make it better for her. But yes, I should have been more gracious on that front.

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  2. I think the thought of an inheritance has caused many a wastrel :)

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    1. Jenny, that is why it is extra good when there is such disappointment.

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  3. Sounds like you have spent wisely in your working years. I do think most parents try to ensure money is left for their children, it's just not always possible. Aging is not only difficult, it's expensive, at least in my country.

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    1. Sandra, yes I understand the expenses of of old age care in your country and it is not so different here, except if you have no money at all, you may receive better care here.

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  4. I had a laugh with Daughter at the weekend when she hauled in all these groceries for me and I wanted to pay her as I'd say she spent a lot but she said "ah mm, don't worry, my inherited millions will more than make up for it."

    As if.

    But having said that I was the beneficiary of 3 wills. Not huge money but really welcome. And I felt quite loved.

    XO
    WWW

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    1. WWW, it is nice that you felt loved by the inheritance. It is not an aspect I have thought about.

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  5. Anonymous9:42 am

    On another subject. Have you published a comment on the end of the "Holden"? Interested to know your attitude. Roderick

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    1. Roderick, a project for the future. "Football, meat pies, kangaroos and Holden cars." It was a sad day.

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  6. No one has ever left me anything...and there is no one left to leave me anything.

    I have nothing to leave anyone...and I have no one to leave anything to, if I did have anything to leave!

    I've never expected anything from anyone.

    I am solely dependent on the government Aged Pension. I don't like being in this position...but it is what it is. Such is life...that is life...my life...

    And my situation shall remain the same, unless I win a major pay-out in the Lotto...and, that is highly unlikely.

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    1. Lee, is there no one who might be interested in your bits and pieces and photos? Yes, the odds are against you for a Lotto win, but you won't if you don't buy a ticket.

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    2. No...there is no one who would be interested in my bits and pieces, Andrew. I'm the Last of this lot of Mohicans.

      Of course, I buy tickets in the Lotto...one has to be in it to win it! :)

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  7. Oh Andrew, you have me sitting here laughing! Thank you! It's been one of those long days and I needed this!

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    1. Pleased to have cheered you Maribeth.

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  8. It is all a dream !!!

    No will can ever cover every single detail that the recently departed person intended at the time he/she wrote the will. It might have been written 10 years ago, and circumstances have greatly changed in 10 years. The old house might have been sold in that 10 years, and all the money went to the Care Home. Much loved jewellery might have been misplaced or given away.

    Worst still, malevolent relatives and their lawyers will definitely have different understandings of the elderly person's intentions, and that will cost the legitimate heirs tens of thousands of dollars in lawyers' fees :(

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    1. Hels, kind of related my comment on you Kafka post. While I doubt family relations will ever break down for us, already we a bit annoyed with my Sister with her taking the cream of the crop from Mother's china cabinet and promising something in return that never happened.

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  9. Like E.C., my dad didn't want to spend anything on himself after Mum died.
    He had agreed to move into a smaller house, which left him with far more than expected left over.

    So, as he was getting on in age and not in perfect health, but reasonable, my sisters and I encouraged him to do some travelling. He tried insisting that it was our inheritance, but eventually we wore him down and he spent several months travelling through Europe. And he had a wonderful time!
    In his last years he was very unwell and downright miserable. But the surest way to cheer him up was to ask to have another look at the photos from his big trip. Worked every time! He'd end up laughing as he remembered all sorts of odd happenings from his various coach tours.

    And when the time came, we did each receive a small inheritance. Enough to pay off my mortgage. Thanks Dad!

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    1. Great story Rozzie. I love the way your father could be cheered up by looking at his holiday photos with you showing interest, real or not.

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  10. I would happily leave all I had equally shared between my children, if I actually had anything. All I have is books, dvds and photos. Who know what will be left of those by the time I die? But I'll still have to make out a will and that's not easy, because things can change in the years I have left and continually updating a will seems like too much work. If I leave it too late, I could die without one.

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    1. River, if you don't have anything, why bother with a will? You must have old family photos etc that one of your children would like to have.

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  11. Back in the UK, I think Inheritance Tax starts after about £400,000, when one then pays 40%. This is crazy as owning property over a £Million is quite normal. I would much prefer my children to spend the result of my investments than the government, but unless they raise the threshold that's what'll happen.

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    1. Comrade Cro, not in world of R's relatives are two or three up and two down are they worth over £400,000. Even a spacious bungalow doesn't come close. We don't have inheritance tax here, but I think a tax on a figure of $1,000,000 would not be unreasonable. Different worlds.

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  12. You have me laughing. Who do you leave the assets you have when you die to! Bit of a problem sometimes. Thank goodness we have sons, so that solves that.
    My father after my mother passed didn't like spending money and his needs were simple to a degree. He couldn't travel very well on his own due to his blindness but just did local outings with me when I stayed there each week. He always said when he spend a little of his money that he was spending my inheritance. Unfortunately he couldn't see the look on my face, it was his money when all said and done.

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    1. Margaret, is any son more deserving than another? So nice that you helped him so much in his latter years.

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  13. I also say spend it if you can, why keep it for others, specially when you have no children.
    Luckily both my kids have done well in their short life, have good jobs and salaries, so I don't think they will need my money, but of course if we have money at the end of our lives we would be happy to give it to them and the grandchildren.
    The only (small) inheritance we have received was from my father in law, a very stingy person, but who a few year earlier had married a much younger woman who managed to spend it all on his behalf :)

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    1. Sami, good on your father in law. She gave him something and he gave her something.

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  14. I kept telling my father, spend it, you saved so you would be secure when you were older, this is older. I need to get our wills updated.

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  15. My mum used to spend a fortune on lotto tickets because she wanted to leave my sisters and I lots of money. We kept telling her not to waste her money we were all fine. She never won the lotto but she did leave us the house, mortgage free, for us to sell and share.. would so much rather she was still with us buying lotto tickets 😊

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    1. Nice story Grace. I think she would be quite pleased with how her children and grandchildren are now.

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  16. Ah the round table, with the expectant eyes and the attorney walking in, to read off who gets what. Does it really happen that way? I was left nothing by my parents, specifically left out of the will. Oh well, I've always been poor and somehow survived. You are funny, about getting a reverse mortgage and you should if you need to. I asked my younger brother when he will retire since they work so much, six days a week. He said he didn't know what he'd do, if he retired, with his time. He is so talented he could do wood working or metal art or even small contract jobs welding. he doesn't want to grow moldy in his old age, here in Oregon, which is easy to do if you sit but two moments.

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    1. Strayer, I am retired now of course and I achieve very little each day and I don't care. Some of us had to work. Some of us never wanted to work.

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  17. Oh, I liked this post very much. Just yesterday, we went to the credit union to have our wills signed and notarized. Now, we will make copies of our wills and the reverse mortgage contract and mail them to our 2 daughters.

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    1. Lol Gigi. I think you are joking.

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  18. Childless too but John has 2 children and 4 grandchildren. I have a niece and nephew.
    They are all more than comfortable so we plan to enjoy as much of our money as we can.

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    1. Jackie, one dilemma is when one beneficiary is so much worse off than others, for whatever reason. You want to leave that person more, but you have to be fair.

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