Reply to Ultra high net worth and how much to leave to kids

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[quote=Anonymous]Dh and I are extremely fortunate and currently have a net worth in the upper 30s, all self made, although our parents provided some help for college such that we were able to borrow just the federal student loan max for our state schools.  We are in our mid 40s.

We have 3 kids currently in middle school. We do not believe in generational wealth. I’m inclined to provide them whatever they need to finish school (wherever they want to go and for as high a degree as they want, inclusive of room board and incidentals). DH would like to leave them something more but not the majority of our wealth. We have another $12M in life insurance so if we died tomorrow each would inherit roughly $17M.

If we died before they graduate college we would keep everything the same until they graduate and then they would receive their inheritance.

The question is how much to leave them each after education expenses and living costs through college in todays dollars?

Our current thoughts are one or some combination of the below:

1) $1M each
2) a family trust for education so that future generations don’t have to worry about college costs (this would obviously benefit our kids). 
3) the max that we can leave not subject to estate taxes without playing gifting of partial interest games. We recognize that this figure can change. We are sorta indifferent if the number stays the same or reverts as current scheduled.

Everything above what we leave them we will donate.

Thoughts?[/quote]

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