David Cassidy dies w/$150 K, good or bad planning?

[swasat]

Very interesting. This thread

So whats is everyone's thoughts on inheritance when its unevenly split? So the responsible child saves enough fully beleieving that parents money is theirs. Only to find out that the parents have been copiuosly spending on the deadbeat kid, also planning to leave boatloads to the deadbeat, nothing to the responsible one because "you are already saving on your own, you don't need any from us".

Would the thought process change?

I am seeing this play out in my extended family right now. And let me tell you it makes me raging MAD! The child who always made the best choices and never troubled the parents is being penalized for being the hard working one. The sibling played around and did whatever they wanted, never saved a dime and lived beyond their means, only to be bankrolled by the parents forever.

[Deleted]

My aunt practically raised me and I know her will was splitting up the three properties between me and her two children but the one is a slug that is always broke and they're always bailing out. Her 28 year old son is doing much better than his 43 year old sister. I'm sure eventually the same will happen and the slug will get most of it.

[billisonboard]

Dec 8, 2017 11:11:19 GMT -5 hoops902 said:

Dec 8, 2017 10:51:26 GMT -5 billisonboard said:

A properly prosecuted and defended defendant will be known to a jury better than a celebrity will be known by people reading about them in the tabloids.

Probably, but tabloids are one tiny bit of the way we get information on celebrities.

Where does one get the contractual details of agreements made between artists, agents, and producers? And why in the course of living our daily lives does one look at such?

[hoops902]

Dec 8, 2017 12:49:54 GMT -5 billisonboard said:

Dec 8, 2017 11:11:19 GMT -5 hoops902 said:

Probably, but tabloids are one tiny bit of the way we get information on celebrities.

Where does one get the contractual details of agreements made between artists, agents, and producers? And why in the course of living our daily lives does one look at such?

Who is talking about contractual details of artists and their agents? You were talking about judging people based on tabloids.

[Miss Tequila]

Dec 8, 2017 12:26:34 GMT -5 swasat said:

Very interesting. This thread

So whats is everyone's thoughts on inheritance when its unevenly split? So the responsible child saves enough fully beleieving that parents money is theirs. Only to find out that the parents have been copiuosly spending on the deadbeat kid, also planning to leave boatloads to the deadbeat, nothing to the responsible one because "you are already saving on your own, you don't need any from us".

Would the thought process change?

I am seeing this play out in my extended family right now. And let me tell you it makes me raging MAD! The child who always made the best choices and never troubled the parents is being penalized for being the hard working one. The sibling played around and did whatever they wanted, never saved a dime and lived beyond their means, only to be bankrolled by the parents forever.

You are asking the wrong person. I won't be bankrolling an able-bodied an adult, regardless if it my child or a husband. 

I will say that my MIL did support my SIL for practically her entire life. It did make me mad, not because I was jealous (I have too much pride to ever take money from someone) but because my MIL could have had a much better life. I thought it was very selfish of my SIL to accept the money (which MIL gave willingly). But when MIL died she left the cheaper of the two houses to my SIL and left the more expensive house to my Ex (even at that it was only worth about $90k but SIL was probably worth $45-$50k). I know that was MIL's way of balancing everything out. But my ex was like me in that regard. If his mother chose not to leave him anything he wouldn't have cared. It wasn't his money, he didn't earn it, so why be mad about it.

Sadly, my SIL got very angry because she wanted the house he inherited...I love her to death but she definitely had a very entitled attitude....

[andi9899]

Dec 7, 2017 16:27:36 GMT -5 NomoreDramaQ1015 said:

Could be he never got around to updating it before he died.  It doesn't say how recently they reconciled. 

When DH rolled over an old 401(k) his mother was listed as the beneficiary.  This was a 401(k) he'd had before we even met.  I was the beneficiary of all his new stuff but it didn't occur to him to see if there was any old stuff out there he needed to change.  It an outsider it would have looked deliberate.

YM-ers tend to be outliers in that we're always thinking about these things.  Most people are like my husband, they don't think about this stuff because they assume they will have plenty of time to it later or just plain forget.. then Bam.

Prince's estate was a mess because he didn't have his affairs in order.   All his half siblings are still squabbling over the estate I believe.

I had a customer that didn't update the beneficiary on his life policy before he dies. His wife was not happy that we would be paying the ex wife.

[thyme4change]

If I died today and left my kids nothing, I'd feel bad. They are still minors and have college ahead of them. If I die when I am 70 or 80 and they are 35 or 45, I wouldn't feel that bad. They should have their poop in a group by then.

[andi9899]

Dec 8, 2017 14:43:13 GMT -5 thyme4change said:

If I died today and left my kids nothing, I'd feel bad. They are still minors and have college ahead of them. If I die when I am 70 or 80 and they are 35 or 45, I wouldn't feel that bad. They should have their poop in a group by then.

I'm so going to start saying that now.

[billisonboard]

Dec 8, 2017 10:24:14 GMT -5 billisonboard said:

Dec 8, 2017 8:57:26 GMT -5 hoops902 said:

FWIW, the whole idea of "don't judge someone you don't know" is a cliché that nobody really believes. ... In fact, our entire judicial system is based upon judging people we don't know.

Our judicial is based on making judgments after the gathering of evidence and people having the opportunity to defend themselves. It isn't based on, "I read one news article and the verdict is ..."

Dec 8, 2017 10:51:26 GMT -5 billisonboard said:

Dec 8, 2017 10:30:27 GMT -5 hoops902 said:

I would venture to say that we "know" celebrities a lot better than a jury "knows" a defendant, given the vast array of information available for celebrities and the rather minimal focus of a courtroom proceeding.

A properly prosecuted and defended defendant will be known to a jury better than a celebrity will be known by people reading about them in the tabloids.

Dec 8, 2017 11:11:19 GMT -5 hoops902 said:

Dec 8, 2017 10:51:26 GMT -5 billisonboard said:

A properly prosecuted and defended defendant will be known to a jury better than a celebrity will be known by people reading about them in the tabloids.

Probably, but tabloids are one tiny bit of the way we get information on celebrities.

Dec 8, 2017 13:42:12 GMT -5 hoops902 said:

Dec 8, 2017 12:49:54 GMT -5 billisonboard said:

Where does one get the contractual details of agreements made between artists, agents, and producers? And why in the course of living our daily lives does one look at such?

Who is talking about contractual details of artists and their agents? You were talking about judging people based on tabloids.

A jury would gain pertinent knowledge of a defendant based on what they would be judging them concerning.  They will be unlikely to learn about the defendant's life that is not pertinent to the case. We might know a great deal about the celebrity's sex life and performances/recordings.  But it is irrelevant information concerning the topic of the thread which is the financial dealings of a celebrity.

[chapeau]

Dec 8, 2017 15:01:10 GMT -5 andi9899 said:

Dec 8, 2017 14:43:13 GMT -5 thyme4change said:

If I died today and left my kids nothing, I'd feel bad. They are still minors and have college ahead of them. If I die when I am 70 or 80 and they are 35 or 45, I wouldn't feel that bad. They should have their poop in a group by then.

I'm so going to start saying that now.

Ditto!

[thyme4change]

Dec 8, 2017 15:50:37 GMT -5 chapeau said:

Dec 8, 2017 15:01:10 GMT -5 andi9899 said:

I'm so going to start saying that now.

Ditto!

I got it from someone here. I wish I could recall who, so I could give them credit. If anyone wants to claim it!

[Rob Base 2.0]

I'm not sure of the reliability of this source (inquisitor), but it indicates he declared bankruptcy in 2015 and had a shady manager at one point

www.inquisitr.com/4669507/david-cassidy-leaves-150k-in-assets-to-his-son-what-happened-to-the-rest-of-his-partridge-family-fortune/

[TheOtherMe]

Dec 8, 2017 11:43:01 GMT -5 movingforward said:

Dec 7, 2017 17:34:33 GMT -5 Rob Base 2.0 said:

But what about the theory in general about dying just as you go "broke".  Is that a good or bad thing?

If I go out with $1 left then so be it. I don't have kids so not worried about leaving anyone money. I have had a few people say "don't you want to leave your niece anything." Uh, not really...if anyone should want to leave her something it is her parents. It certainly isn't my responsibility.

All of these financial scenarios where you don't dip into the principal don't matter to me. I fully plan on dipping into the principal. If I happen to die with money then the local humane society can buy a butt load of kitty condos

My philosophy since I have no children, I only worry about any bills and any cats being taken care of.  I already have the burial fund, etc. prepaid so nobody has to pay for that.  I paid for it myself.

I am with you on the Humane Society.

[zibazinski]

I think it’s brilliant! Perfect estate planning.

[Shooby]

I think his estate is now being sued for $100K.  I just browsed past that online.

[NoNamePerson]

Saw that. His law firm is suing for $100,000 for five years of legal fees. If he wasn't paying bill why did they keep representing him? Of course, I am suspect of the law firm so that shades my post to say the least

[Opti]

Dec 8, 2017 18:13:13 GMT -5 Rob Base 2.0 said:

I'm not sure of the reliability of this source (inquisitor), but it indicates he declared bankruptcy in 2015 and had a shady manager at one point

www.inquisitr.com/4669507/david-cassidy-leaves-150k-in-assets-to-his-son-what-happened-to-the-rest-of-his-partridge-family-fortune/

I read that. In general I don't care how things are divided up unless it seems obviously unfair. I don't know what happened behind the scenes and I am aware that many entertainers and pro athletes have done the boom bust thing at least once because its hard to get it perfect the first round, so its not uncommon to get the wrong business manager, lose a house or two, mismanage investments and start over more than one time.

[countrygirl2]

I'm not to worried, we may run out of money but I don't think so.

After we help pay for their home, they will have been given about
$250k, we wanted for them to enjoy it now. Of course son will have
a repayment schedule for what we "loaned", but no one is kidding
ourselves that it will all be paid back, its over 15 years and
if something happens to hubs and I don't need additional money they
can have it. I imagine he will feel the same, so they might pay
10 years or less, we will be 82 by then. Like hubs says as we get
older and our needs will be less we can just save it back for them.

Whatever is left will go to he and his sister, she under a special
needs trust, so it will all work out I think.

We have wills, POA, etc, so are good for now. If I'm the last one
standing it will all be kept current, if its hubs it will likely never
be updated, but I have it all set up that way, so its still good.