Monique from Bangor, Maine, called into “The Ramsey Show” looking for guidance on her will. She said she has two adult daughters with very different financial situations: one is in the top 1% of earners with her husband, while the other makes about $50,000 a year. But despite their differences, Monique said she no longer wants to leave either of them any money.
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“I'm an everyday millionaire,” Monique told Dave Ramsey and John Delony. “I feel like I've worked so hard my whole life. I paid for college for them. I paid over half a million dollars for them. And they've turned into socialists.”
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She added that the shift in her daughters’ values has been difficult to watch. “I’m very depressed about where I see my children heading, and I think I don’t want my money to go to them,” she said. “And I feel terrible about that.”
Ramsey was very direct in his response. “They are not entitled. They didn’t hit the DNA lottery,” he said. “Socialists are not people of character. They are parasites.”
He went on to explain that his own estate is structured with specific conditions. “If they’re not walking with God, they don't get to manage God's money,” he said of the trust he set up for his children. “You could change that lingo and say, ‘When you become a capitalist, you get the opportunity to manage this money.'”
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Conversation Over Labels
Delony encouraged Monique to go deeper than political labels. “Distill down beneath the word ‘socialist,'” he said. “What are the things they are saying or doing that concern you?”
Ramsey advised her to speak directly and respectfully to her daughters about her values and financial decisions. “You are not required morally, ethically, legally, or spiritually to leave your money to people that you do not agree with how they live their lives. Period. Full stop,” he said.
He further recommended she explain her reasoning clearly: “I’ve paid for all this stuff for you, and truthfully, I don’t agree with the way you’re living your life. I’m not willing to finance that going forward.”
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Consider A Detailed Legal Trust
Ramsey told Monique that if she wants to restrict access to her wealth, a trust is the best tool. He noted that his own trust was expensive to set up, costing $25,000, but it spells out detailed requirements for heirs. “It is unbelievably detailed,” he said. “And then we get to have this meeting once a year where we revisit everything.”
“We're not mad about it,” Ramsey added. “We feel a responsibility.”
Image: Shutterstock Some elements of this story were previously reported by Benzinga and it has been updated.
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Image: Shutterstock
