Don't want to leave your money to immediate family?
05-27-2011, 08:07 AM
#1
Thread Starter
Don't want to leave your money to immediate family?
A very unusual way of leaving people your money.
In 1919, he was a greedy multimillionaire who didn’t want to see his family get its hands on the vast fortune he’d amassed as a lumber baron.
But in 2011, Wellington R. Burt is the sort of generous benefactor who usually exists only in daydreams — the long-lost relative you never met who leaves you millions of dollars.
With the conditions of a strange will — which barred any money from his estate being distributed until 21 years after the death of his last grandchild — having been met, 12 of Burt’s descendants split a fortune estimated at about $100 million. By 5 p.m. on Monday, each of those 12 became instant millionaires after Saginaw, Mich., County Chief Probate Judge Patrick McGraw ordered full distribution of the estate by that deadline.
92 years until inheirtance
I wasn't a recipient.
In 1919, he was a greedy multimillionaire who didn’t want to see his family get its hands on the vast fortune he’d amassed as a lumber baron.
But in 2011, Wellington R. Burt is the sort of generous benefactor who usually exists only in daydreams — the long-lost relative you never met who leaves you millions of dollars.
With the conditions of a strange will — which barred any money from his estate being distributed until 21 years after the death of his last grandchild — having been met, 12 of Burt’s descendants split a fortune estimated at about $100 million. By 5 p.m. on Monday, each of those 12 became instant millionaires after Saginaw, Mich., County Chief Probate Judge Patrick McGraw ordered full distribution of the estate by that deadline.
92 years until inheirtance
I wasn't a recipient.
05-27-2011, 08:17 AM
#2
What money! If I don't have any left I can't leave any!
05-27-2011, 08:21 AM
#3
Thread Starter
That works too!
05-27-2011, 08:22 AM
#4
The goal is to spend the last penny with my last breath.
05-27-2011, 08:26 AM
#5
Damn it, David, I was counting on you...... You've always been like a... a.... sports car buddy to me. Realistically, it would be even better to pass away deeply in debt if they'd be stupid enough to lend you the money. They can't get blood out of a turnip.
05-27-2011, 08:36 AM
#7
I am taking the S with me! After that is is every kid for themselves.
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05-27-2011, 09:57 AM
#8
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My goal is to die owing as much money as humanly possible. And I want to be buried with one of my digits sticking up out of the ground. 
05-27-2011, 10:29 AM
#10
Since I do not have any children, but with the help of medical science and a large home equity loan, that may be remedied in the next month and I have to consider the question.
My wife grew up in Hawaii and inherits a house there free and clear when her father passes. It has always been our intent to try to save now and retire early so as not to spend our time in winter in the frozen hell that is often Minnesota. We do ok, and with that goal in mind each put about 30% of our gross into retirement with the hope of hanging it up early. With the crappy performance of the markets, this has been an PAINFULLY HORRIBLE strategy so far.
My father was a succesfull attorney who paid for 99% of my college and spoiled me rotten. My wife grew up in a middle class family and paid for her BA, masters, and law degree with loans. We have very different opinions on how to treat children.
I feel it is my duty to help them get through college with all the support I can muster. My wife feels that children should do this for themselves. I would like to take half my retirement income and get an annuity and the other half to be a seldom used pot for need to be passed on to children. My wife wants to just kind fo live it up on what we have. I think this feeling comes from the differences in how our parents treated us differently.
I do think, though, it is OK to cut someone out of your will entirely. My father raised two kids (my brother and I) with a sound head on our shoulders. My sister, however is a mess. She is an idiot who would blow hundreds of thousands of dollars on a whim and leave herself destitute if given the chance. I have told my wife several times that if we have a will and a few children, I have no problem playing favorites with smart, well adjusted children over those who would be idiot sons. She has an heirloom ring from her great grandmother that she wishes to keep passing down. I have told her that at some point in the chain, their may be a daughter that is a moron, and has some drug addicted boyfriend and they might sell the thing for meth and make generations of women roll over in their graves. Maybe not the next generation, but years from now. It will eventually happen.
My main goal in life is to have children who have their heads screwed on straight, respect others, are giving, and understand that life is not all about "me". If that is the case I will pass down whatever I have to them. If I have children who are morons, despite my best efforts to raise them correctly, well, the salvation army and the humane society could use a lot of cash. I have no problem cutting someone out because my labor should be used for good and not to be waisted on the incompetent.
My father once represented (civily not criminally) a well to do lawyer who killed his wife. The guy had lots of money and was going to be in prison for the rest of his life so the goal was to pass his money on to his kids so they could take care of themselves. The money was to be set up into trusts that would be available to the kids when they hit 21. For the most part, my father was helping the grandfather do this and the whole process was wrapped up right about the time the first child was about to hit 21. When they all got together to sign the paperwork, the eldest son announced he was going to use his share on his 21st birthday to buy a Lamborghini, and the grandfather almost had a heart attack. If I see my kids might be that stupid or selfish, I have no problem putting my legacy to better use. I think my father told us this story to be instructional.
Sorry for the long post. Proving brevity is the soul of wit.
My wife grew up in Hawaii and inherits a house there free and clear when her father passes. It has always been our intent to try to save now and retire early so as not to spend our time in winter in the frozen hell that is often Minnesota. We do ok, and with that goal in mind each put about 30% of our gross into retirement with the hope of hanging it up early. With the crappy performance of the markets, this has been an PAINFULLY HORRIBLE strategy so far.
My father was a succesfull attorney who paid for 99% of my college and spoiled me rotten. My wife grew up in a middle class family and paid for her BA, masters, and law degree with loans. We have very different opinions on how to treat children.
I feel it is my duty to help them get through college with all the support I can muster. My wife feels that children should do this for themselves. I would like to take half my retirement income and get an annuity and the other half to be a seldom used pot for need to be passed on to children. My wife wants to just kind fo live it up on what we have. I think this feeling comes from the differences in how our parents treated us differently.
I do think, though, it is OK to cut someone out of your will entirely. My father raised two kids (my brother and I) with a sound head on our shoulders. My sister, however is a mess. She is an idiot who would blow hundreds of thousands of dollars on a whim and leave herself destitute if given the chance. I have told my wife several times that if we have a will and a few children, I have no problem playing favorites with smart, well adjusted children over those who would be idiot sons. She has an heirloom ring from her great grandmother that she wishes to keep passing down. I have told her that at some point in the chain, their may be a daughter that is a moron, and has some drug addicted boyfriend and they might sell the thing for meth and make generations of women roll over in their graves. Maybe not the next generation, but years from now. It will eventually happen.
My main goal in life is to have children who have their heads screwed on straight, respect others, are giving, and understand that life is not all about "me". If that is the case I will pass down whatever I have to them. If I have children who are morons, despite my best efforts to raise them correctly, well, the salvation army and the humane society could use a lot of cash. I have no problem cutting someone out because my labor should be used for good and not to be waisted on the incompetent.
My father once represented (civily not criminally) a well to do lawyer who killed his wife. The guy had lots of money and was going to be in prison for the rest of his life so the goal was to pass his money on to his kids so they could take care of themselves. The money was to be set up into trusts that would be available to the kids when they hit 21. For the most part, my father was helping the grandfather do this and the whole process was wrapped up right about the time the first child was about to hit 21. When they all got together to sign the paperwork, the eldest son announced he was going to use his share on his 21st birthday to buy a Lamborghini, and the grandfather almost had a heart attack. If I see my kids might be that stupid or selfish, I have no problem putting my legacy to better use. I think my father told us this story to be instructional.
Sorry for the long post. Proving brevity is the soul of wit.