Future Proofing for the kids

[JulieW]

Anecdote from Bill Bonner at Daily Reckoning made me think about estate taxes ;-)

At dinner, an old friend - who happens to be in the coin business - explained how customers used rare coins as an informal way of estate planning.

"These old fellows are pretty shrewd. They come in and buy coins. Sometimes millions of dollars' worth. Then, they put them in storage somewhere and leave a note to their children about where to find them after they die. Often, the kids don't know anything about coins. So they come into the shop with bags of these coins, asking me what they're worth. One guy came in the other day. I looked at the coins and told him he had about $350,000 worth of coins in his hand. He practically fell over. Then, he told me he had another 14 bags at home."

 

[Silverthorn]

Seems a common factor in these stories is that people don't leave a guide to what they are and what they are worth.

 

[Dynoman]

Wow that's really cool, I seriously believe early Aus pennies will be worth something one day. ( belief or prayer actually ? )

 

[Clawhammer]

How I was future Proofed as a kid;
Everytime I started a sentence with "I want..." I got a thick ear before I could get any other words out.

 

[Guest]

How I was future Proofed as a kid;
Everytime I started a sentence with "I want..." I got a thick ear before I could get any other words out.

Cheers, that made me laugh out loud.

I 'future proof' my kids not by leaving them a scooby snack when I die, but rather educating them on the way the real world works whilst they're still young and eager to learn.