But this is so hypothetical it's not in the realm of worrying about. Is OP even married? What if OP only has one child? What if OP has two children and they have developmental delays and OP or OP's spouse quit their job to take for the child(ben). What if OP or OP's spouse is fired. What if global warming makes all of OP's concerns irrelevant. Also, $8M or $15 million in 50 years will not be that much money. I have three kids and I think about this often OP. I'm all for planning but you have skipped about 15 steps and are wasting your time worrying about the wrong thing. Fully fund your 401K, fund a Roth IRA if you can, invest in a brokerage account, pay your mortgage, make sensible financial decisions and that will put you on the best path you can be on as a single (married?) person currently without kids. |
We will likely leave about $10 million total. In our very personal opinion, leaving 3 million to each kid and 4 million to charity is what we're comfortable with. My husband and I started life with no money but only grad school debt. I really hope the $3 million is just a nice boost not a huge lifestyle change for them. |
My elderly mother is updating her will now. She is in her mid 80s. Her numbers are not as high as the OP but here is her current plan:
Her 2 children will each end up with 1- 1.5 million each. We are both in our 50s so this is enough to buy a retirement home without first selling our current home but not enough to not be saving for our own retirement. Each of her grandchildren (late teens/early 20s) will receive $10k at the time of her death and another $40-50k when they turn 40, or earlier for the down payment of a primary residence. Each of her living siblings- $10k Her best friend that has an adult special needs child- $10k Her church- $20k Her pastor- $10k so he can travel to the Holy Land like he has been wanting to do. |
We’ve done much of the same and I’m so thankful that we raised kids who are now adults with children who can handle down the road inheritance. When we spoke with them about it a few years ago one daughter said she didn’t want any inheritance because it meant we were dead and no money was worth losing us. |
Another pointless thread with made-up facts. This is getting tiresome. |
Why the 40K when they turn 40? Why not earlier so they can use for first home downpayment? |