Since COVID, I have had an increased number of people coming in my office to do death, probate, and asset sales. For many of these folks, I knew the deceased and helped them with their assets and planning.
I have clients who have scrimped and saved and planned for their surviving relatives.
Do you know what the first thing these relatives do? SPEND IT ALL.
Yes, these lovely legacy heirs immediately upon the death of their beloved relative, liquidate the whole kit and kaboodle. They don’t save it. They don’t wait for the market to become better on the rental houses, they liquidate everything right now. They sell it and spend it all.
So, to quote my dear, deceased Cousin Vickie, “What are you saving it for?” She told that to her would-be beau in high school back in 1970 in rural Georgia, who wouldn’t have relations with her. He told Cousin Vickie he was saving it. Cousin Vickie in her quick wit that she maintained the rest of her life until she died of liver complications, quipped back, “What are you saving it for?”
So, my dear friends I ask you- What are you saving it for? Your assets I mean. And well that too if you are so inclined to give it away. If your heirs are going to spend it all, shouldn’t you? I mean then they can sell what you bought and at least you can have had a lot of fun.