So here I am 52, no children, what to do with my stuff
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  1. #1
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    Default So here I am 52, no children, what to do with my stuff

    I am in California now but likely somewhere else sooner than later. Now we have 28 acres with a house and 7000sf shop. we have our own products and cannot make enough of them,we have solar power and a spring provides our water.. We have no kids and don't want any. We keep thinking we should make a will but who do we leave it to. We are going to leave a lot to the state, a dog pound or who?

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    Sell the business, (cash out) and go travelling, buy a vacation house, in the
    southern hemisphere (no more winters)

    Or a twin Detroit powered "yacht" with a helipad and a shelf full of Viagra....

    Time to liquefy the assets.

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    Quote Originally Posted by kustomizer View Post
    I am in California now but likely somewhere else sooner than later. Now we have 28 acres with a house and 7000sf shop. we have our own products and cannot make enough of them,we have solar power and a spring provides our water.. We have no kids and don't want any. We keep thinking we should make a will but who do we leave it to. We are going to leave a lot to the state, a dog pound or who?
    How about a charity of your choice, preferably one with a very high percentage of funds going to the purpose for which is was set up?

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    it seems people with money have no interest, people with interest have no money

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    Is there a charitable organization you believe in and support already? Or a college or school you feel is doing particularly good work? Extended family? Of course, they may be of a similar age or older than you, so not necessarily a great idea unless - God forbid - something should happen to both of you unexpectedly.

    Has there been a young person in your lives that either of you have mentored in some way or been closely associated with that is outstanding to you in some positive way?

    I would do just about anything to keep it out of the hands of any government.

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    Offer terms, hold a note, spend 1 or two years teaching them so they have no excuses not to pay. advertise the product for sale and the real estate separate. Find a broker you trust have them find a qualified buyer. If you really do exhaust all those options to no avail, pick a charity. Till then work six months a year, travel the other six...
    We (strangers) can not really answer this for you, what does She want to do? if you really want out, sell for cheap, what is the "Freedom" you crave worth? At the end of the day, it is you, and her, the rest is just fluff

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    If you enjoy running the business, and it's doing well, then keep on keeping on! But now would be a good time to plan a transition, could there be a way to hand over the business to a friend or employee who could keep it going? You'll need to think hard about the best way to see a return from it, whether an outright sale, or annuity, or ?

    For final assets, is there a school or University you're attached too? Lots of people make a donation in cash, or of their property. You could endow a scholarship, or if enough have a classroom or building named after you. You could find a local grade school that could use help, there's tons of possibilities.

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    Unfortunately you may not actually have anything to leave except to the medical establishment. Parents used to leave their accumulated wealth to their kids. Now for most Americans that only happens if you die suddenly. The rest of the time you get bled dry “long after the thrill of living is gone” as the song goes.

    We don’t know what keeps my dad going. 90 years old, stroke, pacemaker, heart valve, broken hip, broken ankle, another broken hip, hip replacement when the repair failed. Can’t see, doesn’t know where he is, in a wheel chair and diapers, and wheels himself around the assisted living facility.

    I am not concerned about what he might leave me. I have his will but have never opened the envelope. Please when my time comes make it quick and cheat the doctors, lawyers, and insurance companies!

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    We have not found any employees interested in anything more than a paycheck. My wife and I are wanting to leave California ant taking the shop seems like a big undertaking. It seems weird to close a shop that makes good money, with its own products. For instance, today I went to work around 9am, and I quit at about noon when I had made about $1300.00, Me and the dog went for a motorcycle ride. We have plenty of work, turn it away all the time and here we are.Weird

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    Quote Originally Posted by kustomizer View Post
    We have not found any employees interested in anything more than a paycheck. My wife and I are wanting to leave California ant taking the shop seems like a big undertaking. It seems weird to close a shop that makes good money, with its own products. For instance, today I went to work around 9am, and I quit at about noon when I had made about $1300.00, Me and the dog went for a motorcycle ride. We have plenty of work, turn it away all the time and here we are.Weird
    PM Incoming....

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    Quote Originally Posted by kustomizer View Post
    We have not found any employees interested in anything more than a paycheck. My wife and I are wanting to leave California ant taking the shop seems like a big undertaking. It seems weird to close a shop that makes good money, with its own products. For instance, today I went to work around 9am, and I quit at about noon when I had made about $1300.00, Me and the dog went for a motorcycle ride. We have plenty of work, turn it away all the time and here we are.Weird
    There might be some guys on this forum who would be interested in "growing into" a business opportunity like running a shop. You'd have to deal with this carefully to avoid the grifters and those just not capable, but if you pay attention careful during the interviews and use a probationary period you can figure this out.

    With you available to train, then transition out but be available for consulting, there should be a clean hand-off. It might even be easier than father to son, as there won't be any emotional baggage to deal with.

    You'd want a business lawyer to protect your interests during contract design, to ensure you can recover assets if there's a failure along the way.

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    If products related to any type of group that you support then create a trust for the estate to that group.

    Look at possible vocational process where you find a party to manage it with terms stating how it is to be managed where the product sales support the cost.

    Land can be also held in a trust and managed by same to graze cattle or whatever.

    Many options but being in California be certian to make a will disposing of it to something so the government does not get it.



    Sent from my SAMSUNG-SGH-I337Z using Tapatalk

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    I am kinda in the same place, wife and I have no kids that we want to leave any thing too. I am 54 wife is a bit older neither in great health, don’t know how much longer we can still run our business, road boring and ditching.
    It’s sure been good to us made a good living last year and only worked 50 days. Turned a lot of work away just wanted to work close to home.
    Tried to sell business last year but the buyers had a lot of problems.
    Few people have a better deal going than we do but its hard when you are not well. We are WAY to picky to hire any help, they wouldn’t do it like I want it done, so that’s not an option.
    Right now if I knew we had a month to live I would gift 10 or so of our friends some of our assets. The rest would go to a couple of good charity’s.

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    Quote Originally Posted by kustomizer View Post
    I am in California now but likely somewhere else sooner than later. Now we have 28 acres with a house and 7000sf shop. we have our own products and cannot make enough of them,we have solar power and a spring provides our water.. We have no kids and don't want any. We keep thinking we should make a will but who do we leave it to. We are going to leave a lot to the state, a dog pound or who?
    "Acquired kids". Other peoples. Worthy ones. Selected as adults. On merit. Start yesterday.

    No asses to wipe, nor the neurotic "adult" equivalent, thereof of whiners. Competent, enjoyable, and healthy folk, rather. The LESS they need you, the more worthy they be.

    Not really your "kids" Good friends who just happen to have a lesser chronological age, is all.

    Younger folk with the higher probability than average that they will in turn "pay it forward" as significantly above the norm productive and responsible contributors to a future society also in dire need. Very dire need. Look about you. Read the funny papers.

    Do not extend the agony of life's failures with support they cannot put to any use. They'll not starve. They never do.

    Pick those already winners, too proud to parasitize. Help them become better winners, faster.

    That can work in myriad small increments as well as but one or two grand ones.

    Works BETTER actually. Also reduces the risk all the eggs were put into one basket - and it was a bad choice of baskets, after all.

    Mentor! The less formally, the better.

    Universities fail at this. Categorically. That has to be repaired by "real folks", and "all the time".

    Share knowledge. Grow wisdom. Improve judgement. Donate time, experience, tools. Teach how to distinguish between landmines and stepping-stones.

    And share money.

    But only when it has finally become the very LEAST and last of the greater treasure you had to share.

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    Quote Originally Posted by thermite View Post
    Mentor! The less formally, the better.

    Universities fail at this. Categorically. That has to be repaired by "real folks", and "all the time".
    I disagree with this. I've worked at a University full or part time for decades, and in that time I and others like me have worked with (mentored) many students that have become successful after graduation. They learn practical aspects about their chosen fields (variants of engineering) through a variety of projects as well as the more traditional classroom syllabus.

    True enough that these are high achievers anyway, but it is possible to produce a well-rounded engineer, physicist, or computer jock when they've been properly taught. Sure, final training will be done in the "real world". As it is for all of us.

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    Quote Originally Posted by Milland View Post
    I disagree with this.
    I should hope someone would. I haven't yet ceased seeking mentors myself!

    I've worked at a University full or part time for decades, and in that time I and others like me have worked with (mentored) many students that have become successful after graduation. They learn practical aspects about their chosen fields (variants of engineering) through a variety of projects as well as the more traditional classroom syllabus.
    Yes. Thank you. You have BEEN part of that in situ repair process!



    The percentage of 'heads' it reaches, and the relative effectiveness it has in that age range and environment as to their focus and/or lack thereof, due to distractions, makes it a never-ending uphill slog, and an often frustrating one, bright spots or no.

    Industry has the greater reach and leverage. They have the greater, more immediate, and more specific needs. Not to mention far the greater numbers, of course!

    "Numbers" are often their only offset, as mentoring, even when not recognized as a process, is not often done well, if even done at all.

    One barrier is that a great many people with a large store of potentially conveyable value say:


    Yeah, well. Fine sounding ideal.
    But that is not me. I don't have that skillset. I don't care to acquire it. I don't even have a suitable personality type to DEAL with the potential vict... "er "beneficiaries".
    Moreover, I don't WANT TO!
    Of course.. there are more ways that a few to convey knowledge, and it is often up to he who is the seeker to find those ways and mine brains for gold!

    A shortage in THAT area - active "seekers" who genuinely WANT to learn, and realize it isn't as simple as a free IV drip delivered over earbuds, zero personal effort - is easily as much in need of redress as a shortage of "identifiable" mentors to convey what is sought.

    The ears start growing shut right around the time a human reaches puberty, and begins to toy with the idea of leaving home to rule the world while they still know everything.
    Last edited by thermite; 06-07-2018 at 01:16 PM.

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    I would say then we have a case where philosophy is needed.
    It appears that you have met your own needs in this life- a "Will" is a grant that your assets will be used to meet the needs of some agency in a future where you are gone.

    Simply find that agency.

    I can see looking around for ideals but the best will come from that set of priorities/interests you hold.
    Do you care about that land- protect it.
    Those involved in pursuits you find important- support them.
    And toughest of all- is there some component of your own unique life which you wish to continue after you have gone?

    I guess we all have to be quite pragmatic- things will be happening after we are gone.
    Do you really give the first damn about any of it and wish to try for some measure of influence over these activities?

    If not do you feel the need for a lasting vestige of yourself- put the land in a trust and have a plaque set in marble right in the center:

    "I was here"

    Personally I would use the question to create a crisis of meaning in your life and how you are spending the time you have alive.
    In the broad sweep of the acts of all living things though all time a individuals accomplishments are muted.
    I am at your age and finding some solace in a recognition of the small acts I take each day with those I interact with.

    Its been said a thousand ways- you got one life- spend it well.

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    I think the trick is to enjoy and burn every cent you worked for before checking out. That's my goal.
    But in the event of sudden death, it goes to family/friends.

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    Quote Originally Posted by kustomizer View Post
    We have not found any employees interested in anything more than a paycheck. My wife and I are wanting to leave California ant taking the shop seems like a big undertaking. It seems weird to close a shop that makes good money, with its own products. For instance, today I went to work around 9am, and I quit at about noon when I had made about $1300.00, Me and the dog went for a motorcycle ride. We have plenty of work, turn it away all the time and here we are.Weird
    Your in the heart land, being Cali.
    I can see a T.V show. Give up the 9 - 5 or the 9 till noon in your case.

    Have you considered contacting the Discovery Channel?

    Teutul's, x 2, Danny Koker, Jessie James, Titan They all make more money, for doing nothing, than they could make in an hour of real graft.Your in the heart land for that sort of "Documentary".

    -Do you have Tatts?
    -And have you ever slept with a minor?

    Cover those, and your a short bet for a T.V show.

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  31. #20
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    You might attract interest in PM if:

    1. You mentioned what you made that seems to sell so well.

    2. How much you were wanting for your business.

    3. Whether or not you'd be willing to stay on (max time) and help.

    Imagine you were looking for a shop. What would you yourself like to know to consider getting off the chair and act?

    The OP IMO is just too vague.


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