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12/16 16:10
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Monique's Situation: Monique from Bangor, Maine, reached out to "The Ramsey Show" expressing her concerns about her will and her two adult daughters, who have vastly different financial situations. One daughter is in the top 1% of earners, while the other earns about $50,000 annually. Monique has decided against leaving any money to either daughter due to their differing values, which she perceives as leaning towards socialism.
Emotional Impact: Monique feels depressed about her daughters' values and is conflicted about her decision not to leave them any inheritance, despite having invested over half a million dollars in their education.
Dave Ramsey's Response: Financial expert Dave Ramsey responded firmly, stating that Monique's daughters are not entitled to her wealth and criticized their values. He emphasized that individuals should not manage wealth if they do not align with certain moral or financial principles.
Trust Recommendations: Ramsey advised Monique to consider setting up a trust to restrict access to her wealth, sharing that his own trust cost $25,000 to establish and includes detailed requirements for heirs. He highlighted the importance of having annual meetings to review the trust's conditions.
Encouragement from John Delony: Co-host John Delony urged Monique to look beyond political labels and to identify specific behaviors that concern her about her daughters.
Direct Communication: Ramsey suggested that Monique should have an open and respectful conversation with her daughters about her values and financial decisions, making it clear that she is not obligated to support lifestyles she disagrees with. He encouraged her to articulate her reasoning for her financial choices clearly.
