How should retired individuals plan for their children?

I have discussed before on this blog [here and here] the way in which children often believe they are entitled to their parents’ estates.

A recent article discusses various perspectives of this situation. See Christine Dugas, Money Mentors: How should retirees plan for their kids?, USA Today, July 25, 2008, at 4B.

The article describes a variety of approaches from very indulgent (in my opinion) to the very prudent (in my opinion).  For an example of an indulgent view, Richard Marto paid for each of his children’s college education including tuition, room, board, and books.  In addition, he gave each one a brand new car and paid for car insurance.  All the children had to do is pay for incidentals like gas, movies, and snacks.  On the other hand, Arvon Glaser takes the position that a parent does not owe a child a “living” or a “deceased” inheritance.  Instead, “the best gift I can give my sons is the knowledge they’ll never have to worry about taking care of me in my final years.”