Yeah, definitely troll. |
I believe it's like this. The estate tax gift limit is $5mln, and youh have a $10mln house,so you gift htem a 50% interest in it, while the remainders stays in the estate (via trust). |
I would leave it all to them. |
Leaving them money to try to control them probably won’t work and neither will not leaving them money to try to control them.
Just do what you want with the money and your kids will turn out how they turn out tbh. The bigger question you need to deal with is how much if any money you will give them while you’re alive and sitting there with all this money. That’s so obviously more important than what happens when you die that I think you’re a troll. |
Ditto |
Yep! May as well set up future generations. The alternative is leaving to either a religious organization (no thanks, I don’t want to subsidize child abuse reparations) or a charity (the vast majority of the donations go toward the board salaries). |
Generation skipping trust - GST |
This is ridiculous and should preclude you from making any decisions about money. omg. |
Nonprofit boards are typically uncompensated. |
I don’t have any advice but want to let you know that I’d welcome any donations that you’d like to make to my children’s college fund. |
You have 30 mil and you don’t want to leave it all to your kids. Why do you need 12 mil in life insurance? Makes no sense |
DP. Disagree. I don't think OP is asking for financial advice so much as parenting advice. DCUM is a good place to get ideas for how to think about the non-financial implications of inheritance. I like a PP's suggestion about not leaving them enough to do nothing. Wise. OP, I also think this is something that will evolve as your children grow up and you see who they become as adults. I tend to think that a lot of personality and character is hard wired and not completely an effect of parenting. They may turn out to be self-interested, petty, generous, worldly, compassionate, organized, flaky, thoughtless, humble, entitled, creative, etc. You just don't know yet. I can imagine revisiting your decision in the future when you see what they might do in different circumstances. |
This. Also, why are you paying on a $12m life insurance policy? You don’t need it. |
Honestly, if my parents had $30m and died when I was young and only left me $1m, I’d be really upset. Leave it to a charity, I guess and let the execs make millions. Maybe one of your kids will worth for them. |
+1 We are worth similar, same age and manage it ourselves with a financial advisor and HNW manager, who is free as part of our financial advisor, and a lawyer when needed to make formal changes. We stay involved and would not want a "family office". |