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[quote=Anonymous][quote=Anonymous]I've told my kids from their early teens that we have a stock portfolio and that it's virtual money, but barring Act of God (and there could very well be one), one day some of it will be theirs. Right now there's 20M. They understand the basics of the market. They understand it can be wiped out in a second, or grow to 100M+ easily. They understand eldercare costs an arm and a leg. They understand there are other beneficiaries than just them.

They are frugal people, since our disposable income is actually rather low, and have good financial judgment. No reason not to tell them.
[/quote]

My grandfather retired at 50 years old.  He told his two children and his four grandchildren that there would be no reason for him and grandma to hold on to their money until they died. He died forty years after retirement at  90 years old last year.    For forty years he took care of his elderly relatives,  he gifted maximum amounts of cash, private schools, medical and educational expenses for special needs child,  four college educations recently, bought two houses, numerous cars, and irrevocable trusts for the grandchildren leaving the not having to work but they all do work middle class jobs.

The reason I’m writing this is after 40 years of retirement and giving hundreds of thousands of dollars every year to his family members and others he still left behind $25 million in a generational skipping trust.  He was able to give massive amounts away every year and still add growth to his accounts for 40 years.

I’m just wondering why you think your $20 million dollars might be wiped out?  Someone would have to make some stupid mistakes to wipe it out. When you have money it will make money.   Unless you’re prone to believe these schemes that promise to triple your value in 30 days it’s doubtful you’ll lose it.  [/quote]

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