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The Home Ownership Thread

Discussion in 'Fine Living, Home, Design & Auto' started by Douglas, Jan 31, 2012.

  1. cross22

    cross22 Senior member

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    Ugh that's really sad...
     
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  2. Piobaire

    Piobaire Senior member

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    So, back to houses...

    Next project is going to build a ramada/outdoor kitchen. Plan to knock a section of the wall that encloses my backyard down and build out into my side yard (it's about 3/4 of an acre, undisturbed local flora/fauna) so its footprint doesn't take anything out of my current yard. The structure will match the home structure. Will have running water and gas as well as electricity. Sink, fridge, fancy gas grill with rotisserie, that super sear thing, etc. Plan to have walk in storage at the back so I can keep things like my Traeger and my Cook Shack smoker, etc. as well as the cushions for my dozen or so patio chairs and loungers. Front have a built in ice well and bar serving station.

    Figure summer of 2018 for build, will start bidding and plans in the fall of this year.
     
    2 people like this.
  3. jbarwick

    jbarwick Senior member

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    Sounds like a nice project! I don't know how much I would use dedicated outdoor entertaining here in Nashville. It get super hot and humid in the summer to the point no one wants to be outside but you do have the pool which helps. We talked about a potential screened in porch area but out backyard is on a decent slope with no real flat land. I assume it could be done with enough money but it just depends on how much...
     
  4. brokencycle

    brokencycle Senior member

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    Because we're not arguing some abstract all-other-things-being-equal hypothetical scenario. When it comes to inheritance, it is zero sum game. Every dollar I inherit from my parents is a dollar they didn't. Now you can make a diminishing return argument, but I would rather:

    1. They enjoy what they earned.
    2. I can't count on the inheritance because I don't know when that's going to happen plus it has to be split among all my siblings, and non-liquid assets become a bigger headache to divide among family (every time I talk to my grandma, she has a story about some friend who died and her family is fighting like cats and dogs over the inheritance).

    I don't have kids, but I probably will. If I do, I don't have any intention to explicitly plan to save for them to inherit from me. I also don't have any plans to support them beyond childhood.

    Not only did I not get financial support from my parents, I started supporting a sibling and parent at the age of 22, so perhaps I'm just jaded and bitter because I didn't get things handed to me.


    Ballerbaire
     
  5. Piobaire

    Piobaire Senior member

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    If I was baller it would already be built. :(
     
  6. jcman311

    jcman311 Senior member

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  7. idfnl

    idfnl Senior member

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    A dollar they didn't what? Spend? How is that zero sum? Your gain is not their loss; you're treating savings like it has no utilitarian purpose. In your thinking it should get distributed to strangers on a crowded street via a windy day and a bullhorn.

    People can enjoy what they earned and always keep some in reserve. This includes their home, which they hopefully have paid off.

    So what if an inheritance is split? If assets become too hard to split, give them to me, I'll do the work. If people are fighting, the estate planning was poor. It's not an argument against inheritance.

    An inheritance is not a handout. I really think you should revisit your beliefs about this stuff. I know of a families whose parents are blowing thru all their money with the stated intention of making sure that nothing is left. It includes a reverse mortgage. To me, these are people that hate their kids. My parents won't even talk to them.

    I'm really surprised by the attitude of posters, I never imagined this topic would be controversial (ya, I'm myopic, I thought everyone thought like me). Not leaving fuck-all for your kids is selfishness to the hilt.
     
    Last edited: Mar 6, 2017
  8. Gibonius

    Gibonius Senior member

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    I'm sort of split on this. I'm certainly going to do everything I can to give my kids a head start in life (pay for college, assistance on downpayment, etc), and I'm sure I'll have an estate to leave behind. At the same time, I really couldn't care less if my parents leave me anything. Part of that is knowing that they worked themselves ragged providing for us and I absolutely don't need the money. If they were gambling or just generally shitting away money, maybe I'd resent it. But if they wanted to travel and generally enjoy their retirement? I'd rather see that than get a pot of money at the end of their lives, especially since I'll hopefully be in my 50s or 60s by then and really won't need it.

    Of course I say this knowing that they have the same attitude that I do and won't actually spend down their estates.
     
  9. Krish the Fish

    Krish the Fish Senior member

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    Well with estate laws the way they are nowadays, it appears that every dollar you get in inheritance when your parent(s) pass away is $2 that they didn't spend. Or perhaps even more. Unless your parents have a well thought out plan for avoiding said taxes, it doesn't seem worth it for them to not enjoy their money post-retirement, even if they are concerned about leaving behind a monetary legacy. I'd rather my parents retire incredibly comfortably (we're discussing time table for that, shouldn't be many more years after I graduate from medical school) than leave what would likely be a relatively small sum of money/assets after Uncle Sam has his way with the property. If anything I'd prefer to help them should need be, and have told them this many times but I know they're both too proud and too cautious (immigrant mentality) to need that to happen.
     
  10. Gibonius

    Gibonius Senior member

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    Uncle Sam doesn't get a nickle until the estate is over $5.45 million and you can gift away another $5.5 million tax free while you're still alive. You have to have a pretty damn robust estate before there are any estate considerations, depending on state specific laws, obviously.



    Apparently only 0.2% of families pay any federal estate tax.
     
    Last edited: Mar 6, 2017
    2 people like this.
  11. SeaJen

    SeaJen Senior member

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    And that is before generation-skipping trusts, and a host of other strategies to minimize taxes, and is very likely to change to the advantage of the wealthy very soon anyway.
     
  12. idfnl

    idfnl Senior member

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    That's not a fair statement. The money has already been taxed. It's not equitable to pay taxes twice on the same earned and previously taxed income. It's not an advantage to anyone in any ethical interpretation of double taxation.
     
  13. Piobaire

    Piobaire Senior member

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  14. brokencycle

    brokencycle Senior member

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    Personally, I don't care if my parents burn all of their assets in a fire. They provided for me as a kid. I don't need their money now. If they leave me money, great. If they don't, I won't begrudge them or harbor ill will over it. I also don't care if some other poster wants to leave a billionaire's fortune to their heirs. What people do with their money is completely their own business.

    I probably will leave an estate behind, but I'm not going to consciously set out to do it. I'm also torn on paying for college.
     
  15. Gibonius

    Gibonius Senior member

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    1 person likes this.
  16. Piobaire

    Piobaire Senior member

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  17. Gibonius

    Gibonius Senior member

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    Next up: swim up bar.




    I thought the side burners were stupid at first, but my grill came with one and I used it a surprising amount. Nice to cook sides along with the main meal without having to run in and out of the house. Also good to not heat up the house in the summer.
     
    1 person likes this.
  18. Piobaire

    Piobaire Senior member

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    Nope, no swim up bar. The ramada will be a good 40-50 from the closest point to the pool. Damn but the backyard is already looking good and this will finish it nicely.
     
  19. brokencycle

    brokencycle Senior member

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    I need to get in the luxury grill business.
     
  20. jcman311

    jcman311 Senior member

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    This will probably change once you have a child of your own. You soon gain the mentality that you are living through them now. The wife and I have discussed this a lot because we were both raised in similar situations of middle class life and do not want our children exposed to entitlement. However, the kids already have their college paid for. We are also not pushing them to attend college though. Had we not had the opportunity to have their college paid for, we would probably do whatever we had to help pay for it.
     
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