(Great Song...)!

I'm at the age where I am really starting to evaluate where I've been and what I'll do for the rest of my life.

Don't get me wrong, I'm not expecting to expire later this month or anything. I still plan to travel overseas on playing jobs 6-8 time a year, play 300 gigs, do film scores and film production, teach, serve as guardian for two ladies (both widows of long-time friends), be active in charitable organizations, etc.

But the fact is, I AM a 68 year old dude with lots of miles on me.

Thing is, I don't think that it is set in stone that I set my kids up for life. I had it pretty rough (not even enough for lunch money in school), but that taught me to be self-sufficient at a very early age. I started playing for an adult's salary at 11 and was able to help support 4 brothers and help them escape a rough, physically abusing situation. That is one of the reasons playing music is so important to me.

Now, I need to figure out what to do for my kids and what to do with the things I have accumulated.

Here's the plan:

* Finish the music based youth center here in Lexington I'm planning, including fully stocking it with instruments and computers. Design a plan for deserving kids to earn a professional quality instrument if they progress appropriately.

* Make a significant contribution to the New Orleans Habitat project (6 figures, with some input on my part about what is done with my contribution).

* Leave each of my three children $500,000.00. That's enough to give them a measure of safety, but not enough for them to just give up and "play" for the rest of their lives. They need to earn their own way, not live their whole lives waiting for the old man to die. The two boys can each choose 10 instruments each (they both play and have, probably 20 each now I have given/bought for them over the years). For my daughter, I'll forgive some sizable loans she has gotten from us over the years.

* I've set up an education trust to cover the college costs of 4 grand kids.

* I have willed some collectible guitars to three favorite Synthzone members. This is REALLY important..."feel good" stuff to me.

* I'm leaving $25,000.00 each to three brothers and sisters from Mexico I have come close to (dad is a buss boy at a club I play). I'm considering adding them to my family education trust.

* The houses, warehouse, commercial property, instruments, vehicles, personal items and remaining funds in accounts and investment vehicles will all be converted to cash and donated
to my favorite charitable organizations, including the Nursing home reform group I serve on as a Director. About a 10th of the estate would build a physical center and provide enough investment income to cover annual operations costs.

Needless to say, some family members are not happy about the plan. Some, particularly, nephews, a cousin and an uncle have talked to others about their "inheritance" for years and even asked for "advances" often. Loans to these folks amount to several hundred thousand dollars...never to be paid back, I'm sure.

My problem is, that means the majority of my net worth will go to people and organizations other than my own kids and direct relatives.

I've been told by folks expecting more that that's pretty cold.

What do you think? I have an appointment to alter my will per above next Wednesday.

Russ
(the stingy old bastard)

Russ (the NEVER stingy old bastard) ... you are SUCH a giving person !!! ...
'Giving' is a very personal thing ... while I can see where some might question your 'gifts' to your children relative to what you are giving to charitable organizations, the important thing is that YOU are comfortable with it ...

God Bless you,
t.

Basically, I agree with Tony........whatever you're comfortable with. My 'afterlife' plans are somewhat complicated by the fact that it's pretty much a certainty that my wife is going to outlive me.....and I can't think of any way to change that (that won't land me in jail ).

chas

Chas, I know you have a son and little grandson, so I would appreciate your thoughts on your perception of what's fair to the kids. I remember you telling me about your son and his business, so he may be self-sufficient. My young guy is doing OK. My oldest is hanging out at the warehouse, helping me with moving equipment and edits, but could never take over the business and has never paid his own way. My daughter has been struggling thru marriages and jobs forever and will never be able to make it on her own.

Please respond or email what you would do in this situation.


"Inquiring minds want to know...".


R.

Russ, that's a tough one. My situation is different in many ways but similar in some respects. Warren Buffet once famously said, "I'll leave my children enough for them to do something but not enough for them to do nothing". Sounds very similar to your philosophy. As you know, my son is a founding partner in a small but prosperous venture capital company. They were backed from the beginning by Goldman-Sachs and later by other investors. His net worth is at least 10 times mine and growing. My daughter majored in Art ('nuff said), is generous to a fault, and anything I left her would eventually wind up in the pockets of her friends. My two grandsons have and will continue to have, a privilledged life and don't really need anything from us, and although we have left them 50k/ea, it is mostly a token acknowledgement that me MIGHT be remotely related . The rest of my family is comfortable enough that they don't really need anything from us and wouldn't be expecting anything anyway. We paid $5k to have a lawyer draw up a will with free modifications and updates for life. I think this is smart as the 'snapshot' Will you draw up today may not express your wishes 1,2,3 years down the road (situations change). My son will be the ultimate administrator of our will and we have made provisions for three seperate situations: 1. I die first 2. My wife dies first (unlikely) and 3. we go out together (car accident or murder/suicide ).

In the end, I'm not sure I really care what happens after I'm gone. I'll have to give it more thought. Maybe, if I have sufficient notice, I'll make one final post on Synthzone and let all my 'friends' know what I REALLY think about arranger keyboards .

chas

Yea, I'm sure not a soul here knows what you REALLY think about Arrangers (LOL)!

Don't hold back!


Russ

Russ ... If the kids are upset about your plans, how about setting some realistic, meaningful goals for them and when (if) they achieve them you up the ante ... no different than in the business world ...

Tony, I'm having a hard time with a kid not being happy about getting $500,000.00 tax free dollars.

These "kids" are 45, 40 and 37 years old. And, they still come to dad often for "bailouts" and other financial help.

I may also give each boy a rental house in the $125,000.00 range if they keep it as an investment for at least 10 years.

Maybe that will teach them about taking care of property and the costs and headaches associated with ownership.

I watched my dear father-in-law work his whole life. None of his spoiled kids ever learned to support him/herself, tried to get "inheritance money" early (before he passed) and asked for "a little help" until the day the poor man died.

I don't think he did them any long-term favors. When he knew he couldn't manage his financial affairs, he asked me to do it, not one of his natural kids. He told me he didn't think he could count on them to "do it right".

The more I think of it, I'm not warm to the idea of creating three "instant millionaires".

They need to learn to earn it themselves, or they need to reach a point in life where they're happy and productive at a level that works for them.

After all, it's not like I plan to leave them destitute.

Average individual new worth in 2012 is around $78,000.00. Each will have over 5 times that much, plus whatever they have accumulated.


Russ

Russ,

Having a lot of wealth to spread around is great, and I applaud your success, and all your conrtibutions to those in need, make me one of your admirers.

But I have heard stories from those that "have" that it can become a divider, especially among family members. With that, you just need to do what you think is right. You did not become who you are without both a drive to succeed, and a passion for others. They say "Family First", but then that's not always the case if 'family' is only around when they need something. So best advise from me is...Follow your heart.

I still would like it, if one day ... You, me Chas, and Tony (and any other interested SZ'ers) to meet someday and share a laugh and a drink.

Good Luck with your monetary decision.

Larry

Russ ... After reading your reply above, I go back to my original thought - as long as YOU are comfortable with what you are doing, that's what matters ...