Should parents leave their children an inheritance, especially if they are in a position to? OP and his wife plan on blowing all their savings and leaving their children nothing; his two daughters were distraught with this decision, and so were Reddit users.
We Will Blow It All
OP and his wife are both in their mid-40s and working full-time.
They have three children, 20F, 17F, and 11M. OP says they have worked so hard to get where they are, and he is proud to be able to provide a good life for his kids. He does not consider his family rich, but he and his wife bring home 300K annually.
OP and his wife want to go the untraditional way; they will not work and work for years and save heavily for retirement. They are also not leaving a sizable inheritance for their kids. They want to enjoy the fruits of their hard work before they are elderly.
One of their reasons for not planning on leaving any inheritance is that they do not want their children to count the days to their parents’ death so they can get the money and never work again.
OP and his wife plan on retiring when their 11-year-old son graduates high school. At this time, they would have enough savings to live comfortably and travel more. During their retirement, they plan to use all their money. He notes that they have set aside funds for a rainy day, but they plan to use as much of their money as possible. The three kids would get some of what remains when the parents die, but they should not expect anything.
Our Money Is Our Business
OP and his wife have never brought this up to their children because he says the money is theirs and not their children’s business. They pay half of their children’s school costs, and that’s the last major money he would ever give them.
Now, OP had a major health scare recently. He had a precancerous mole, but he is now fine. After the health scare, this money and inheritance conversation came up with their oldest daughter. The daughter accused OP and his wife of caring more about partying than hers and her siblings’ well-being. OP explained to her that he would rather they make their own money as he and his wife did.
The oldest daughter told her sister about their parents’ plans. They are both mad at their parents’ decisions and for not telling them sooner. OP insists that he and his wife are not in the wrong because their money is not their children’s business.
What do you think?
Redditors Weigh In
There were a lot of mixed reactions in the comment section. For instance, the top comment had no issue with able parents not leaving an inheritance for their children; his issue was OP’s way of handling things. He said, “Anyway, it seems like this is the kind of thing you should have been talking about all along, that you don’t plan on doing anything to make life financially easier for them and that your family’s philosophy is that money is to be spent on yourself, not preserved for future generations or spent on loved ones. So YTA for not clarifying your family’s values as they grew up.”
Another added, “You’re not obligated to leave them anything, but your attitude towards them is just very sad. It doesn’t seem like you think very highly of your children’s character.”
Another parent, but with different views from OP’s, said, “I am the same age as OP, and my kids are similar ages to his. He is ridiculously out of touch. Gen Z is facing far, far harder times than whatever this guy dealt with. It is ridiculous the kind of disconnect that people have. I am embarrassed that he is earning 300k, not paying the full cost of college, and planning not to cover kids on his health insurance until they are 26.”
And lastly, “I just don’t understand parents who have children and don’t want to set them up for the best possible future. My whole mission in life is to set up my children for success. Making $300k a year and not paying for your kid’s university? Get the F out here.”
Are parents obligated to pay to give their children an inheritance? What do you think of the “just because I had it tough, so should my children” mindset?
This article was produced and syndicated by A Dime Saved.