This district voted for Trump by 22 points in November

NiftyNiblick said:
Earl and Stone are obviously irredeemable assholes,
but I'm afraid that you weren't really parent material yourself, Walt

Those of us who dragged innocent souls into this maddingly absurd universe owe them bigtime.
I certainly feel that I deserved my modest inheritance as a 1940s victim of conception.

Those who can't leave their kids anything, in most cases, were probably too poor to be having kids to begin with.

The exception are those who got fucked over by late in life nursing home expenses because we've been unable
as a nation to do what more successful nations have done in socializing medicine and the healthcare industry in general.

The Gestapo and I have just spending money left for ourselves.
Everything else is in irrevocable trusts for the kids...if you can call middle aged adults kids.
Click to expand...
Would you rather be a medical doctor(engineer, lawyer, etc.) when you are 30, or inherit a lot of money when you are 60. Remember being a professional at age 30 means you can save up a lot of money by the time you are 60. So it is a choice between being prosperous your entire life, or just part of your life.

I have a huge amount of money in a Roth IRA. That is a good thing, but will it always be? If something happens to the US economy, or I have to leave the US, that money is gone. While my education goes where ever I go, and will always be useful.

Many people without an education who inherit money will waste it away amazingly quickly. Again, an education is with you for life, but an inheritance can be lost in a few months of poor investment, gambling, or partying.

Will my children inherit money? Yes, but that is not the important thing that is happening here. The most important thing is that they become people who make their own money.
 
Walt said:
Would you rather be a medical doctor(engineer, lawyer, etc.) when you are 30, or inherit a lot of money when you are 60. Remember being a professional at age 30 means you can save up a lot of money by the time you are 60. So it is a choice between being prosperous your entire life, or just part of your life.

I have a huge amount of money in a Roth IRA. That is a good thing, but will it always be? If something happens to the US economy, or I have to leave the US, that money is gone. While my education goes where ever I go, and will always be useful.

Many people without an education who inherit money will waste it away amazingly quickly. Again, an education is with you for life, but an inheritance can be lost in a few months of poor investment, gambling, or partying.

Will my children inherit money? Yes, but that is not the important thing that is happening here. The most important thing is that they become people who make their own money.
Click to expand...
I totally agree
that doing what you're capable of doing
to prepare and educate your children
is an essential aspect of good parenting.

I got the mistaken impression that you were anti-bequeathing altogether.
When I was a kid, in ethnic families like mine at least,
almost everybody kid had a grandparent living with him/her.

That dynamic has changed. Elderly people
who can't take care of themselves living alone
wind up in nursing homes,
and everything that they saved to leave their kids goes there instead.

That abominable situation alone makes me unwilling to acknowledge America as a modern country.
Now, with current events, I can't claim that we're even a civilized country.

We tried to defend against that by getting as many assets as we could
protected in irrevocable trusts
while we're still capable. All we've got left to our names is spending money and what we need to maintain the home
we technically don't even own anymore.

I guess that you're too much of an optimist to worry about that.
We're obviously not.
 
Walt said:
Admires, or something baser... It is creepy.

The idea of political debate seems to be dead. I would argue the alt right has killed it. They want anything but political debate.
Click to expand...
No, Walter, not admiration.

Are you ashamed of your name…Walter?
 
NiftyNiblick said:
I totally agree
that doing what you're capable of doing
to prepare and educate your children
is an essential aspect of good parenting.

I got the mistaken impression that you were anti-bequeathing altogether.
When I was a kid, in ethnic families like mine at least,
almost everybody kid had a grandparent living with him/her.

That dynamic has changed. Elderly people
who can't take care of themselves living alone
wind up in nursing homes,
and everything that they saved to leave their kids goes there instead.

That abominable situation alone makes me unwilling to acknowledge America as a modern country.
Now, with current events, I can't claim that we're even a civilized country.

We tried to defend against that by getting as many assets as we could
protected in irrevocable trusts
while we're still capable. All we've got left to our names is spending money and what we need to maintain the home
we technically don't even own anymore.

I guess that you're too much of an optimist to worry about that.
We're obviously not.
Click to expand...
If you hate America so much, you can always leave…Cuba, N. Korea, Iran, Mozambique.

Will tomorrow be too soon, old man?
 
Walt said:
Would you rather be a medical doctor(engineer, lawyer, etc.) when you are 30, or inherit a lot of money when you are 60. Remember being a professional at age 30 means you can save up a lot of money by the time you are 60. So it is a choice between being prosperous your entire life, or just part of your life.

I have a huge amount of money in a Roth IRA. That is a good thing, but will it always be? If something happens to the US economy, or I have to leave the US, that money is gone. While my education goes where ever I go, and will always be useful.

Many people without an education who inherit money will waste it away amazingly quickly. Again, an education is with you for life, but an inheritance can be lost in a few months of poor investment, gambling, or partying.

Will my children inherit money? Yes, but that is not the important thing that is happening here. The most important thing is that they become people who make their own money.
Click to expand...
Unless you have at least 3 million in your Roth IRA, you aren’t considered rich, Walter.
 
NiftyNiblick said:
I got the mistaken impression that you were anti-bequeathing altogether.
Click to expand...
Oh no. Of course my money goes to my children, after myself and my wife die. I am even eager to give them my money before I die to pay for education, and a downpayment on a house, cars, and stuff.

I just do not see it as important. The important thing is to give them the upper middle class education. If the inheritance matters, then I am raising my children wrong.

NiftyNiblick said:
Elderly people
who can't take care of themselves living alone
wind up in nursing homes,
and everything that they saved to leave their kids goes there instead.
Click to expand...
It is sort of a double issue, in that the grandparents cannot be taken care of, and the grandparents cannot take care of the grandchildren.

NiftyNiblick said:
Now, with current events, I can't claim that we're even a civilized country.
Click to expand...
We have always had a savagery, but it is getting much worse.
 
Walt said:
People are surprised I do not have a trust for my children. I am trying to make them into people that can survive, not give them assets to survive. There is a difference. Earl and Stone show me how bad it is to give my children assets rather than survival training.
Click to expand...
The best way, Walter, is to use a trust fund to transfer your assets to your grandchildren. Your grandparents should have given theirs to you and your siblings.

Don’t be so cheap, hire a good estate planning lawyer.
 
Last edited:
Earl said:
Unless you have at least 3 million in your Roth IRA, you aren’t considered rich, Walter.
Click to expand...
Nonsense. Plenty of rich people have little to nothing in a Roth IRA. It is tough to get money into a Roth, so a billionaire might have nothing in a Roth. For instance, I doubt trump has much if anything in a Roth. Thiel is the outlier with about $5 billion in a Roth. He used many tricks to get it in there.

Assuming America and I do not collapse, it is better for me to have more money in a Roth than less. That is money I can take out tax free at 59.5 years old. It also grows tax free.

For me at least, my Roth holds my most conventional, liquid investments. This is the stuff with the most definite value, so it is the stuff I can really be sure has value. At 4% a year, and untaxed, it should be able to support me comfortably for the rest of my life(starting at age 59.5). And I have more than enough money to get me to 59.5. In theory, I could retire today.

I am getting back into options to hedge my investments against crashes. I stopped trading options all together about four years ago, but if managed correctly they are safe.
 
Earl said:
The best way, Walter, is to use a trust fund to transfer your assets to your grandchildren. Your grandparents should have given theirs to you and your siblings.

Don’t be so cheap, hire a good estate planning lawyer.
Click to expand...
Now he's telling people to do what Nifty did.
That's what he should have done in November.
 
Earl said:
The best way, Walter, is to use a trust fund to transfer your assets to your grandchildren.
Click to expand...
A Roth IRA is actually better. It does not have to pay taxes, and the transfer is tax free.

But you know what is even better than that: an education. Getting your kids to be able to earn their own money is better than giving them money that they will throw away.

Earl said:
Your grandparents should have given theirs to you and your siblings.
Click to expand...
My grandparents have over a hundred grandchildren. I know it sounds like I am exaggerating, but seriously, it is over 100. I have inherited a sum total of $1,000 from them.

Earl said:
Don’t be so cheap, hire a good estate planning lawyer.
Click to expand...
Believe me I have a dozen good estate planning lawyers among my cousins.

Earl said:
This isn’t the way to make money, Walter.

It’s the way to preserve wealth for generations.
Click to expand...
Musk, Gates, Soros, etc. did not get their money from intergenerational wealth preservation. Nor did more than 95% of the HNWI. They got their wealth from learning upper middle class values. Even Soros, who came from abject poverty, was taught upper middle class values.

It is about teaching your children how to get an education, save, invest, plan for the future, etc. Handing them a trust fund often leads to a disaster.

Earl said:
Are you really this uninformed about wealth preservation?
Click to expand...
I am clearly better informed about wealth preservation than you are. I just do not value intergenerational wealth preservation above all else. I am moving from wealth growth to wealth preservation mode, but wealth growth is also very important.
 
Walt said:
Nonsense. Plenty of rich people have little to nothing in a Roth IRA. It is tough to get money into a Roth, so a billionaire might have nothing in a Roth. For instance, I doubt trump has much if anything in a Roth. Thiel is the outlier with about $5 billion in a Roth. He used many tricks to get it in there.

Assuming America and I do not collapse, it is better for me to have more money in a Roth than less. That is money I can take out tax free at 59.5 years old. It also grows tax free.

For me at least, my Roth holds my most conventional, liquid investments. This is the stuff with the most definite value, so it is the stuff I can really be sure has value. At 4% a year, and untaxed, it should be able to support me comfortably for the rest of my life(starting at age 59.5). And I have more than enough money to get me to 59.5. In theory, I could retire today.

I am getting back into options to hedge my investments against crashes. I stopped trading options all together about four years ago, but if managed correctly they are safe.
Click to expand...
Walter, I assumed that your Roth IRA was not your only source of wealth.

If you do not have an estate planning lawyer, you could make critical mistakes that would affect generations to come.

Most wealthy people have investment gurus to control their investments.

They are expensive but they are better prepared to invest wisely than most wealthy folks.

I pay mine 10K a year and he has returned it many fold.

I don’t pretend to have wealth management and wealth preservation skills like you do, Walter.
 
No, Walter, my appellation is not Earl.

It’s is the name of a revered grandfather…spelled differently.

I posted this before, to you, I believe…my two sons are engineers (different types of engineers from me ) and my daughter has a degree in exercise therapy and is working on a Masters in speech therapy.

Two are financially independently, the third soon will be.

They have trust funds from my father and their children have trust funds from me.

I’m not sure about your knowledge of wealth preservation but I am sure that my trust lawyer is better informed than both of us.

You may be all hat and no cattle, Walter…perhaps.
 
Last edited:
You must log in or register to reply here.
Back
Top