Word: inheriting
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Wealth advisers say that your heirs should be told by their teens if they stand to inherit a sizable amount and should start learning how to manage it. Early disclosure gives you time to groom them for a life of philanthropy, civic duty or other worthy pursuits, should they elect not to work for money. If you doubt that your heirs are prepared, test them with an early gift and see what they do with it. If they mess up--say, by blowing it all on a series of vacations and paying for their friends too--or seem...
...with no children, about 65% of his estate will eventually go to six charities that champion his beliefs about individual liberty. The rest of his assets will be divided among 25 people, including his live-in girlfriend of 12 years, three siblings and several friends. His girlfriend will also inherit his Webster, N.Y., house. "I actually started thinking about all this at age 50 and realized I had to decide where I would want my assets to go, since it might not be obvious to everyone," he says...
...footstool was something we had given to her years ago, and I just really wanted it back," Helen explains. "And it wasn't necessarily something we needed or would even use, but once people started claiming things, I started worrying about what our kids might get to inherit from that side of the family. And then it hit me--I realized that I was willing to fight over a footstool. It was pretty embarrassing." Her husband let the footstool go to a niece...
...fringed footstool for his wife and kids, he did go home with his father's old leather chair, some antique furniture and jewelry to pass down to his six children and, best of all, photo albums of the Hagerty clan spanning the past century. "Knowing my children will eventually inherit these family things is important to me," he says. Roy says the process of closing down his family home was "a difficult time--everyone was on edge, and it was emotionally charged," but he and his brothers are glad they worked things...
...acting dean involves not only maintaining current initiatives, but ensuring a solid situation for the permanent dean to inherit, he said...