Wes Coulson discusses how you can leave your inheritance as a retirement plan for your children.
Hi, I’m Wes Coulson and this is your Elder Law Minute. I saw something in the news a couple weeks ago expressing grave concern about the number of baby boomers who really haven’t set aside any money for retirement. We baby boomers are notorious for spending however much money we have. It calls to mind something I had several years ago. What I considered was, now, to be a very wise man, who had three children who were in their early 50s, late 40s, and he was widowed. And when I asked him how he wanted to leave his estate, he said, “Well, I don’t want my kids to get anything until they’re age 65.”
And at first I thought, “Boy, that’s kind of mean.” But then I asked him and I said, “What do you have in mind?” And he said, “Well, I’m going to be my children’s retirement plan. They don’t have money saved. They’ll spend it if they get it now. I want to make sure that they have a good stability and income in retirement.”
Just a thought if you’re planning your estate. Thanks!