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Reply to "Establishing lifetime trust accounts for young adult children "
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[quote=Anonymous]I come from a large, wealthy family with lots of cousins who got substantial annual payments. They’re all over the map, even the siblings. I don’t think this is as big a factor as people like to believe. It’s a factor for career choices, housing, etc and a big relief to me in terms of having my own kids. But I don’t think it turned anyone from Achiever to N’er-do-well or visa versa. In terms of your relationships, whatever you decide just communicate it clearly and don’t give them money with strings. Either give something and trust them or don’t. The most unhealthy dynamic imo is trying to control them with money once they’re adults. Don’t give the gift if you’re going to be mad if they do something different with it than you think is right. A 25 year old might travel the world to party for a year. You may not approve, but that’s a long way from being a junkie under a bridge. If you would feel really upset about something like that, just keep it. [/quote]
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