There's a somewhat fairly well known financial advisor here in Pittsburgh, James Lange. He used to be a big "stretch IRA" guru. Perhaps THEE guru on that. Before the Secure Act shut that down. Anyway, he often reports that his father in law sponsored an extended family vacation, at a resort, for all of his descendants. And how he (the father in law) felt this was more important than leaving a cash inheritance (which, I'd bet, his descendants will get, too). It's a great idea, IMHO.I have read some of the book now (e.g., skipped to the chapter on Kids). To be honest, I didn’t learn anything new or behavior changing, but I was a SAHD for many years and we’ve done annual gifts.
I do wish I could have rented out a St. Barts hotel, part of another, and flown people in for a 45th birthday bash week with Natalie Merchant performing, but that wasn’t within my budget at the time.
I think my issue with the book is that it spends a lot of time arguing for the intention to give early (to family, friends, charity) but not much as to the “how best to do that.” I’ll noodle around a bit more in the book and see if I find anything actionable.
https://paytaxeslater.com/lange-report/august-2023/
Statistics: Posted by Leesbro63 — Thu Apr 25, 2024 6:57 am — Replies 419 — Views 26764