Reply to Husband doesn't want to leave our kids much in inheritence

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]With that amount of money why not create a trust for your children (and descendants?)

You can give them $2 million each in inheritance and the remainder can go in the family trust to be used for college tuition or medical expenses for biological or adopted children. [/quote]

But why limit it?

Smart plan is to gift to kids starting with paid for college and graduate school,[b] fully funding their retirement[/b], first car, downpayment assistance, etc.  Best bang for the buck.

[/quote]

Why not just fully support your kid for everything in their life?  Why stop at all of this...pay for their food, kids' private school, going on vacations, utility bills... you name it.

I mean, fully funding their retirement?  Wouldn't that mean giving them all your money right now?[/quote]

we gift them $36K/year to take advantage of the tax free gifting.  Feel we pay max taxes for years now, they might as well take full advantage of the Roth IRA and max their 401K.  By time they are 30, they will have enough in their tax free retirement accounts to stop contributing and have $2M+ at age 65.  They will obviously continue to contribute, but it will be a great start.  They would still be able to save 40-50% of that without our assistance, and be doing better than most their age.  But why not maximize the tax free saving potential?

rather than giving them $10M+ in 20+ years, why not gradually give it to them now?

FYI---our kid would still be saving 50% of what they are on their own accord/budget without any assistance.  This way they just maximize the tax savings and also continue to save more on their own.

[/quote]

Giving then $36k per year is different than "fully funding their retirement".  Not sure why you used that phrase.[/quote]

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