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Reply to "Establishing lifetime trust accounts for young adult children "
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[quote=Anonymous]Hard to see how giving 21-year-olds $60,000 a year tax-free would help them become independent -- wouldn't that be something they do by, you know, getting a job? I wound up getting some large gifts from my grandparents before they died (several hundred thousand dollars), but it wasn't until I was nearly 40, and I didn't know about them ahead of time. I will also at some point (hopefully many years from now) inherit a share of my parents' significant wealth. But I don't know that I'd have been better off getting all that money at a younger age. I did choose a career that I was passionate about (and one that didn't pay particularly well), but I also then lived within the budget my income provided. By the time I got all this additional money, it was mostly just extra savings. Which makes me very lucky, but I also think it was valuable to have made it work on a salary of under $100,000 a year well into my 30s.[/quote]
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