We have been gifting cash to our 2 children every year for the past 7 years and will continue to do so.
This is what I favor also, but we all have different goals and methods when it comes to watching over our kids as they grow up.Or fund the kid's Roth for them if they are unable to do so themselves?
If you have any grandchildren, perhaps some trusts to give them some $$$ and bypass the big spenders will help future generations.An interesting topic. I inherited nothing, in fact I paid for mom’s cremation. Dad did give me $1,000 for college in 1976.
Wife and I built our $4.5 mill estate on our own. Mostly dumb luck and frugality.
My kids spend like crazy. All pretty poor financial managers. Not very charitable. Frugality is skipping a generation. “Money is for spending”
As a result, we’ve earmarked 1/4 of our estate for charities. Estate Lawyer was shocked to see that we were not giving all to kids.
We will do some warm hand gifting but I have to accept that anything I offer my kids will turn into season football tix, tattoos, new F150 pickup. Not much for generational wealth building, paying off the mortgage or investing.
After watching our kids, my frugal wife has become an advocate for blowing our own dough.
Heh, heh, someone will sign checks for-your-"benefit" after you are gone. An attorney, a spouse, etc. SOMEONE will blow your dough!If I gift after I pass away, it would be difficult to sign the check..
So trueHeh, heh, someone will sign checks for-your-"benefit" after you are gone. An attorney, a spouse, etc. SOMEONE will blow your dough!![]()
Not quite what I meant, but OK.Heh, heh, someone will sign checks for-your-"benefit" after you are gone. An attorney, a spouse, etc. SOMEONE will blow your dough!![]()
Sorry, just me being a smart Aleck.Not quite what I meant, but OK.