+1
We did our first last family vacation last July w/ the son and grandchildren, best vacation ever. We have another one planned this July.
They are making a lot more than we ever did so there is no concern about leaving anything.
Passing on assets and wealth ?
- Thread starter frayne
- Start date
+1
We did our first last family vacation last July w/ the son and grandchildren, best vacation ever. We have another one planned this July.
They are making a lot more than we ever did so there is no concern about leaving anything.
youbet
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Lots of excellent comments.
+1 on funding 529b's for the grandkids.
+1 on taking the kids and grandkids traveling with you.
+1 on passing IRA's on to the kids (if you don't live long enough to spend it!).
+1 on using professional help to set things up to ensure that your wishes are met.
I also agree with the comments on the difficulty of keeping things "fair" as perceived by the following generations while still passing things along in proportions that seem "right" and pragmatic to you. For example, we have one special needs grandson who will get a trust to partially support him for life. The other grandkids will not get as much. They'll have to live with it.
+1 on funding 529b's for the grandkids.
+1 on taking the kids and grandkids traveling with you.
+1 on passing IRA's on to the kids (if you don't live long enough to spend it!).
+1 on using professional help to set things up to ensure that your wishes are met.
I also agree with the comments on the difficulty of keeping things "fair" as perceived by the following generations while still passing things along in proportions that seem "right" and pragmatic to you. For example, we have one special needs grandson who will get a trust to partially support him for life. The other grandkids will not get as much. They'll have to live with it.
UserRequested
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IMO it would be fairer and safer to make them joint trustees. 2 heads are better than one
. Also it would potential misunderstandings down the track.
steelyman
Moderator Emeritus
IMO it would be fairer and safer to make them joint trustees. 2 heads are better than one
In general, I agree but a lot depends on family dynamics and trust. The two heads thing is logical, but slows things down. If the successor trustees have faith in each other, one can make the decisions as long as they kerp the other informed. Also, remember that the original trust owner (the grantor? Can't remember) can grant control while still alive (I suppose that depends on how the trust was written).
