What Legacy Are You Leaving, Your Partner, The Kids?

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Posted (edited)

Now for all those years of tender loving care, what are you preparing to leave your partner? How about the children? Will you be around long enough to finish their education? Will they then support their mother.

 

In my previous marriage (marriages) I had some good educational benefits with my work contract. So using that model, I'm aiming right now for the top education available in the area, elementary, high school, hopefully college. I also have a few other things in mind, but can't say just yet.

 

It does cross my mind.

 

My first thought is to live long enough to see the plans fulfilled, but again, that would put me at 84-85 years old. Like the neighbor guy here, Phil/Am died just short of 100. Last 10-15 years he had so many uncashed or unspent SS and military retirement checks it was said his safety deposit box had enough extra cash for a few years. But by then his only daughter was probably 70, and he had married a woman of mid forties, so I guess you could say he left a legacy. Big house, land and all. His younger wife did have US Citizenship, but we are not sure what she got, but as we can see she is not struggling.

 

So what are your ideas? As to those who have already immigrated there wives and have helped them meet residency requirements in the home country, I would say that's good. The lady could eventually return home with a pension and that's ideal here.

 

Ideas please?

Edited by chris49
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Posted

My wife does not care about US residency - or even going there. She just does not care. 

 

I have 2 grown kids in the US and a wife here.  I am leaving my money split between the 3 of them evenly.  It ain't much money - but she will have a house here so that helps.

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Posted (edited)

I think I addressed a similar issue in the post "when you are gone", my sons (one biological the other step son) are aware they will get something on my passing (not wind but death), and so too will the last ex wife because we have remained friends, the the bulk of my estate will go to my gf / wife when we are married, as it is she is a beneficiary in my will now. I've known her for 3 years and Im pretty sure she is the one (ok if you are picky - the third). Based on my success rate its really a raffle, but seriously we would have been together for 5 years by time I tie the knot, so those of you who can count that is in 2 years time.  I imagine by time I am gone she will have some land a small house and some money, and even more money on my passing. Unfortunately, she can not have any childrent but Im happy with that as I already have two sons, besides it means i can spoil her nieces and nephew when i want .  Make sure they get a good schooling an dont go with out, as currently their mum (my gf sister - one of many) is struggling, her husband (filipino) left her and has shacked up with another woman.  So my girl will be pretty well looked after whilst I am here and when I am gone.

Edited by Ynot
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I raised 3 boys after my wife passed away. I did not remarry until a few years ago. The women I dated did not care to raise 3 boys. some had children of their own. My sons did not feel they needed a step mother.  We did quite well without one. I've been blessed with a good income. It is quite substantial. They are all grown up now and well educated with good jobs. I have some beautiful grandchildren that I miss very much.

The Filipina I married a few years ago had a 10 year old son from a bad relation. He is 14 now. He is in a private Catholic school now and struggling a little but I help him with his studies. We both help him. Yes, I plan to be around to watch him graduate from a university here or in the states. It all depends on when wife decides to emigrate. Her parents are in their senior years now and she cannot bear to be away from them. I understand this. I am patient.

The "legacy" I feel I should leave is to be faithful to your wife and supportive. To set an example to the children. The responsibility of a husband and a father.

My main fault is being too opinionated sometimes. I probably have more, no I'm sure that I do. ( smirk )

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I invested in a rental property that will give my wife a steady income for the next 40 years. I also am going through with the US Citizenship application for her. This is so that we can travel with ease but also to pass on my pension, life insurance beneficiary and Social Security if there is any. I just landed a job in the Middle East that allows her to get citizenship without being in the US (on assignment with US Govt orders). I have also done my best to educate her on many levels (financial, health care, some college, etc.). We have both grown together and I think that by the time I am gone she could be very independent as she is already pretty much there. 

 

We have done our best to be good examples to her siblings and educate them in life skills that are typically lacking here (nutritional info, hygiene, budgeting, saving, problem solving, strategic thinking, etc.). Had some minor successes on some of these issues, others not so. It is about perseverance and eventually they may or may not get it before they are on their own. 

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Posted (edited)

I invested in a rental property that will give my wife a steady income for the next 40 years. I also am going through with the US Citizenship application for her. This is so that we can travel with ease but also to pass on my pension, life insurance beneficiary and Social Security if there is any. I just landed a job in the Middle East that allows her to get citizenship without being in the US (on assignment with US Govt orders). I have also done my best to educate her on many levels (financial, health care, some college, etc.). We have both grown together and I think that by the time I am gone she could be very independent as she is already pretty much there. 

 

We have done our best to be good examples to her siblings and educate them in life skills that are typically lacking here (nutritional info, hygiene, budgeting, saving, problem solving, strategic thinking, etc.). Had some minor successes on some of these issues, others not so. It is about perseverance and eventually they may or may not get it before they are on their own. 

 

Wow, I like that Jon. I take it you are still in your prime earning years, young enough to put all that into effect?

 

Gina's a bit younger, still in her 20's. I think it wont work for me to try to bestow on her the US Citizenship (or the Aussie equivalent) so what I am thinking is that, if ever the kids got to USA, they would have the option to petition their mother's immigration. So the kids will be the vehicle.

 

I am a born Aussie but I talking here about US Citizenship, as in my life, I have found it more useful.

 

I am not sure in everyone knows, but a US Citizen born outside the USA must fulfill a 4 years residency requirement, before being able to transfer citizenship rights to his own wife, kids etc. As a long range plan I would like to see my son in the US Military, perhaps with a chance to be stationed or spend some time in the Philippines. As for my daughter that will also be an option, but I am going to leave it open. I have an older daughter still in the Navy, but she was lucky to get selected as a linguist, got the extra schooling and the stable assignment.

 

I will try to leave the legacy through the kids therefore.

 

We do have this small farm and house, but realistically it's not going to be much good without at least a small income to go with it. It is possible I might leave some cash, but it probably wouldn't be enough for the long term, and I also don't wont to compromise our current lifestyle, the kids education etc by hard core savings.

 

A working farm can also generate a small income. But if I'm not here, you have a lot of family interference even outside interference, so can't count that as part of the legacy. Just like the house, it's not much good without the financial support needed to live there.

Edited by chris49
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Posted

Yes I will be 51 this year and the job opportunities are getting thinner. I am hoping to be finished by 55 or sooner.

 

My wife is in her early 30s so hopefully what I will be leaving behind will meet her needs. Between my pension and Social Security, it should meet them but nothing is ever a guarantee. No kids so that is a plus when it comes to expenses.

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