Why My Heirs Don't Deserve a Dime
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Title: Why My Heirs Don't Deserve a Dime
Word Count: 762
Author: Alan Brymer
Category: Finance – Estate Planning
Why My Heirs Don't Deserve a Dime
By: Alan Brymer
The practice of handing over one's wealth to their children and
grandchildren after passing away has infuriated me for as long as I
can remember—mostly because:
1) I am not one of those children or grandchildren,
2) The principles behind such gifts, and
3) What often happens to the money and the recipients.
All four of my grandparents as well as my father had passed
away before I was out of middle school. I don't remember receiving
any inheritance, and I didn't care about one then or now. I'm sure
that if someone in my family died and bequeathed a substantial
amount of money to me, I would graciously accept it and do my best
to put that money to work and not blow it on stupid stuff. But that
still doesn't make it the best use of their funds and I'll be darned
if I do the same with mine.
Of course, someone's wealth is theirs to spend however the heck
they want to spend it before and after death. I just can't
understand why people feel the need to give money to children who
have done absolutely nothing to deserve it. Yes, you heard me. I
don't believe anyone deserves to inherit anything. It is a gift
that someone may choose to give to their children, or they may find
some place to give it that is even more wise and beneficial.
Let's say I die when I'm old and have an estate worth millions
1) What service have my children provided that justifies such a
substantial compensation? If anything, I think children should pay
their parents to reimburse them for all of the time and hours spent
teaching them, cleaning up after them, and keeping them alive.
2) What special needs do they have that justify hundreds of
thousands or even millions of dollars? It would be one thing if
they had a major medical condition that could be cured with a
sizeable inheritance. But if this were the case, I'd likely use the
money for that purpose before dying and not after.
I can hardly believe that my children need the funds from my
estate more than starving people somewhere else in the world. In
all likelihood, my kids will grow up in middle-class neighborhoods,
go to college, stay out of debt, and be able to provide for
themselves. Hopefully they will listen to what I have to say about
becoming wealthy, but if not, I have no reason to believe they will
not be at least middle class, (assuming there still is one in 20-30
So what on earth would make me believe that these privileged,
self-supporting, and independent sons and daughters of mine need
money more than people whose homes were destroyed by tsunamis
through no fault of their own? Or breadwinners in less-advantaged
countries who could finally escape the shackles of poverty by
starting a small business with the help of a micro-loan?
But instead, people must think, "I love my kids. I want to
give them stuff. When I die, I'm going to hand over to them on a
silver platter everything that I, in comparison, have had to
scratch, scrimp, save, and toil for my entire life." Dumb, dumb,
dumb, dumb, dumb.
I've had to work for every dollar I've earned—why should they
be any different? The idea of handouts is appalling. Million-
dollar handouts? Gag me.
3) Will they even know what to do with it? Do I even need to
go into what happens the vast majority of times when the 2nd and 3rd
generation receive money earned by the 1st generation? It gets
blown and the kids come out rotten. I've seen it among my contacts,
and there are several books and plenty of research on the subject.
For these reasons, I might give them a nice bonus or something
when I kick the bucket, like a down payment on a house. But even
then I'd make it conditional, according to the rules of my living
trust, upon at least the following:
A) Their mortgage payment is 1/3rd of their income or
B) They have no consumer credit card debt, and
C) They have not willfully misspelled any of their
children's names on purpose, just to be different (another pet peeve
But any wealth I still have at that time, provided I didn't
spend it all on $1000/pill prescription drugs, is going to micro-
loans or some other place where at least 90% of donated funds will
go to recipients who really need it.
* * *
Alan Brymer is has been a full-time investor since his first
property at the age of 22, and speaks at seminars and events
nationwide. His investment company was named by the Utah Valley
Entrepreneurial Forum as one of the "Top 25 Companies Under Five
Years Old." Alan is also a frequent guest expert for the news
media, having been featured on multiple television programs and
magazines as a real estate and business expert. To read more of
Alan's articles and blog, go to www.AlanBrymer.com.