39: Inheritance Debate: Giving While Living vs Giving at Death

The question Caleb and Riley want to answer today is: Should you plan to leave an inheritance, and if so, should you plan to give your wealth away now, while you are alive, or at death? You may know ‘who’ you want to gift money to, or who you want to inherit any wealth, but it’s uncommon for people to know ‘when’ they would like the wealth transfer to happen. Should you wait till death, or is giving while your alive (a living inheritance) a path to a more robust retirement? Listen in to hear the debate. Learn more about:

• The history of inheritance’s and how retirees are viewing there value today
• Pros and cons of leaving your inheritance now, or at death, or over time while you are alive
• What Warren Buffet and other financial thought leaders have to say about leaving an inheritance

Memorable Quotes:

• “By leaving inheritance while your living, your family and friends will enjoy it more while they’re younger and healthier and need it. You get to see how your gift changes and improves their lives while you’re still alive.“
• “Giving now can solve today problems. There is this ability to deliver on the certainty of helping when help is needed by giving today, versus leaving it up to chance upon death “where the gift may or may not be impactful”
• “Early Giving Can Create Family Drama If you have more than one child, will early giving spur bad feelings? For example, you might want to give each child an equal share, but if their needs are unequal, those less well-off might resent “unneeded” money going to their wealthier siblings.“

Resources:

• Lessons in Estate Planning from Warren Buffett
• Giving Money to the Kids Safely
• How Warren Buffett’s son spent the $90,000 of Berkshire stock he got at 19—worth $200 million now: ‘I don’t regret it’
• Warren Buffet, Kevin O’Leary and Other Millionaires are Concerned About Inheritances

Hosted by Caleb Miller and Riley Anderson of InvestorDNA Meet Caleb and Riley Book a Call Subscribe on Apple Podcasts Subscribe on Spotify Subscribe on Google Podcasts