What Would You Answer Your Son If He Asked You How Much Money You Are Leaving To Him When You Die?
Like Billionaire Warren Buffet has said....I'm leaving you nothing. It is not my place to leave you anything when I leave Earth(die). It your place to create your own with your own two hands.
I assume by the question his is an adult or close to it. So I would have an adult conversation with him. Tell him since you do not know when you are going to die, you really can not say. You can ask, Why? Because in reality you do not have to leave him anything. Once you have raised him to adulthood, you no longer are required to provide for him. A good answer would be nothing, all I am leaving is enough for my burial. Good Luck.
I would tell him that the financial direction I have and will continue to give him is more valuable than anything I could leave behind. If I left him $1,000,000 and he put it in the average mutual fund last year, it would be worth $650,000 now. If he left it in 'safe' savings accounts, inflation would outpace his interest rate and he would be guaranteed to have less buying power every year. But, if he paid attention to how I invested during this recession, he would be able to turn every economic downturn into a powerful investing opportunity instead of losing his inheritance. The money I'll leave behind will go to charities that teach financial literacy for those who don't get the learning opportunity he was given.
How much I actually leave to my kids might be equal to how much they have claimed to have donated to non-profits on their taxes over their lifetimes plus the amount of time they've spent helping the community.
Why would they ask? It's not a question I would ever ask my parents.
I agree with Cagsil. I would say I am leaving you nothing. I'll spend it all before I die
I'm with Uninvited Writer and Cagsil on this one... it can only corrupt him if he's waiting for you to kick the bucket
You could say you a splitting it with all the siblings. My parents are spending everything before they give me anything. You could say what assets you own etc to give him an idea about what you own.
I'll tell him I WANT to leave him a lot money so he can live a comfortable life. But if in case I have spent all my money before I die, he shouldn't be mad. I'll still leave my cookware sets and TV set - he can still use those. :-)
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