2489: How Much Should You Leave to Your Kids? by Darrow Kirkpatrick of Can I Retire Yet on Inheritance and Writing Your Will

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🗓️ 21 October 2023

⏱️ 13 minutes

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Summary

Darrow Kirkpatrick of Can I Retire Yet talks about how much you should leave to your kids Episode 2489: How Much Should You Leave to Your Kids? by Darrow Kirkpatrick of Can I Retire Yet on Inheritance and Writing Your Will Darrow Kirkpatrick is the founder of CanIRetireYet.com. He began serious investing in his mid-30s and retired at age 50. He's not a dot com millionaire and didn't become financially independent by flipping real estate or trading hot stocks. He did it the traditional way: hard work, frugality, prudent investing, and patience. When it comes to personal finance, his top priorities are simplicity, reliability, and safety. Now his mission is to help others become financially independent as he did. More recently, Chris Mamula has been managing the blog and he's a frequent writer on the site. Chris used principles of traditional retirement planning, combined with creative lifestyle design, to retire from a career as a physical therapist at age 41. After poor experiences with the financial industry early in his professional life, he educated himself on investing and tax planning. Now he draws on his experience to write about wealth building, DIY investing, financial planning, early retirement, and lifestyle design. The original post is located here: https://www.caniretireyet.com/how-much-should-you-leave-to-your-kids/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, Episode 2489.
0:04.6	How much should you leave to your kids by derroker Patrick of caniretireyet.com?
0:10.8	And on your host and personal finance enthusiast Diana Mariam, we're going to get right to
0:15.7	today's post as we optimize your life.
0:22.7	How much should you leave to your kids by derroker Patrick of caniretireyet.com?
0:29.9	How do you feel about legacy giving?
0:32.2	Chances are you see the issue differently from your own parents.
0:36.0	We're experiencing a generational change in views on inherited wealth.
0:41.2	Parents of today's baby boomers, having lived through a world war and less prosperous
0:45.7	times, were usually excellent savers.
0:49.1	In their retirement years, their investment assets are a side show to their guaranteed
0:53.9	defined benefit pensions.
0:56.6	With that model they hand down of stockpiling investments until death, at which time their
1:01.9	children receive a large inheritance, is looking increasingly dated to the next generation.
1:08.6	It's different for baby boomers.
1:10.6	According to MarketWatch, quote, 23% of pre-retireies would ideally like to spend all of their savings
1:17.6	and let their children fend for themselves.
1:20.6	In contrast, a mere 9% say they want to save as much money as possible to pass on to the
1:26.1	next generation.
1:28.7	Is that selfishness or just common sense?
1:31.7	How much will you leave to your kids?
1:34.1	How much should you leave?
	...

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