The latest post at Abel Keogh’s Running Forward Widower Wednesday talks about pre-nups, wills and adult kids who can’t wrap their minds around the idea that their parents’ “wealth” belongs to their parents and not them.
I ran across this a lot at Ye Olde Widow board. People who were fine with idea of remarriage but adamant that their late spouse’s hard-earned this or that would never, ever, ever benefit in any way, shape or form the next spouse or, goddess in heaven forbid, his/her worthless children. A whole lot of assumption but basically stemming from the odd notion that what your late spouse might have left you in the form of life insurance, marital home or other valuables is somehow still his or hers.
When you die, you don’t take it with you. Not even in spirit. What happens, or is accumulated on earth, stays on earth. Furthermore, it becomes the property of someone else, who is now free to do whatever the hell they want with it. And trust me, they will. I have seldom witnessed someone inherit from a parent or grandparent and not piss the money away like trailer trash with a PowerBall jackpot.
As my late husband lay in the intensive care before being moved to hospice, his mother sent her best friend to query me about life insurance. How much? I was asked. And because I was completely stunned that anyone would ask such a question at such a time, I told her. Absolutely nothing.
It wasn’t until much later – after mother-in-law absconded with money from the memorial that was meant to help cover the expense of it – that I realized the inquiry about life insurance was about calculating her cut.
You would be amazed – or maybe not – by the people who truly believe that inheritance is a given and have their hands out sometimes way in advance of your death.
A sizable proportion of adult children are like this. They see their parents and grandparents as some sort of long-range saving plan. A way to pay off the mortgage, plump up retirement plans or just have a wad of cash to fritter away on vacations and material crap.
Second marriages make these kinds of people – nervous. They have visions of “their” inheritances being used frivolously by step-parents for outrageous things like … eating or paying the property tax and keeping a roof over their elderly heads.
So, the topic today is when you remarry, do you have a financial plan in place to make sure that in the event of your death your new spouse doesn’t end up homeless while your kids vacation in Tahiti?
Yeah, yeah. Their mommy or daddy would have wanted you to put your new spouse at the mercy of your greedy kids because after all, she or he worked themselves to death for the money that was left to you.
Except that they didn’t.
They took out that life insurance or built up the retirement plan to take care of you. You. Not your grown up kids, who you should have been taught well enough to be able to pay their own bills, save for their own retirement and goodies. You.
Money we inherit is no longer anyone’s money but ours.
Yes, we have an obligation to use it for the benefit of our minor children and to see that our very young adult children find a good footing in life, but at some point our kids get old. Really old. Sometimes as old as we were when we were widowed in the first place. They are adults who mostly ignore our advice in favor of what works best for them, and they build their own adult lives with their own spouses and their own kids. And if we did a good job raising them, they really shouldn’t be running to us with their hands out – ever.
But there are emergencies, you cry.
Yes, I would agree, but inheritance doesn’t fall into that category. Inheritance is a form of expectation based upon nothing more than the notion that because you sired or birthed them, they are entitled to some sort of monetary reward triggered by your death.
It’s wonderful when we can leave our kids, or grandkids, a little something, or even a lot of something, but we should shy far away from leading them to expect this from us. Or from giving them the impression that it is their due. It’s not owed to them because they merely exist.
Plenty of perfectly wonderful parents spend every last dime before they die. On themselves even! And sometimes they need that money because they get sick or have other pressing expenses.
Some parents and grandparents even leave their “fortunes” to charity or endowments or to people that aren’t even blood relations!
NOTHING good comes from adult children who’ve been led to believe that the money daddy left you is also theirs. Zero good. Refrain mightily from going there because even if you don’t remarry, it’s going to be a big ugly thorn in your side when you hit a certain age, and they start counting chickens they think you are overspending. You don’t ever want your 50 year old child questioning your need to take a trip or buy a new pair of boots or go out to lunch every Tuesday with your friends because it’s eating up the money you should be saving to leave him/her.
I am not exaggerating. Countless seniors live with harpy adult children who view all things mom/dad as eventually their things.
The best way to avoid tantrums from adult kids if you should decide to remarry is to not have even given your children cause to believe they have the right to question you on the subject of remarriage and to never have intimated that they are somehow entitled to an inheritance.
But if you haven’t done either, there is still hope. You can tell them now.
You should also make sure that you and your future spouse have thoroughly discussed all matters money. It’s helpful to have an idea of what you want your wills to look like in terms of what goes to whom and how you each plan to care for the other in the event of incapacitating illness and death. If there are assets or minor children that need special considerations, discuss and plan for that too.
Communication, as I have said before, is key. KEY.
Don’t be that elderly woman who is living in a house owned by her step-children who are just waiting for her to die so they can sell it.
Conversely, don’t be that old man whose late wife’s jewelry ended up in the hands of his second wife’s daughter-in-law because it wasn’t specified in the will that it should go to his granddaughter.
If it ‘s important then it is important enough to discuss and plan for IN WRITING and preferably with the assistance of a lawyer.
But just in case you can’t let go of the idea that procreation has saddled you with the task of scrimping, saving and leaving something to your grown up kids so they can enjoy a better retirement than you will, there are options like life insurance policies and trusts.
However, if you remarry, your primary concern should be your spouse. Leaving him or her to simply fend for themselves in their advancing years is so cold and harsh that it amazes me that people who would do this even find someone to marry again at all. What self-respecting person signs willingly to be accused of being a gold-digger and ends up on cat food and public assistance so their step-children can one day indulge themselves on eBay?
Let’s sum up.
Money matters. Children do have the right to heirlooms. Second wives and husbands shouldn’t be at the financial mercy of step-kids when you are gone.
Talk, talk and talk some more about this before remarrying. Don’t include your kids! It’s not their business. Better yet, avoid raising your kids to feel entitled to enrich themselves via your death.
And finally. consult a financial planner or estate planner or lawyer or anyone who can walk you through the realities of what your new spouse will need by way of assets when you die. You might be surprised to find out that what you thought about money and second marriages and death isn’t at all what reality is.
- The importance of life insurance for parents (swns.com)
- Personal Finance After Hitting 50: Is It Too Late for Life Insurance? (50plusfinance.com)
- Considerations for Remarrying Later in Life (lawprofessors.typepad.com)
- Dating While Widowed: Hand Me Down No-No’s (anniegirl1138.com)