Reply to When do you tell kids about family money?

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[quote=Anonymous]We had our kids young and they are presently in middle/elementary school, so we live pretty modestly because we are early 40s and started earning seven figures three years ago. We live in the house we bought eight years ago when we made about $800K less than we do now and we drive Subarus that are over six years old. We do not take fancy vacations, but our kids go to private school. My husband has a trust that he can’t access until his parents’ death, but between our personal investments, retirement accounts, his trust, and his parents’ estate, we will likely be able to give our three children upwards of $20m each starting in their 30s. They would all inherit at least that upon our deaths too, likely much more.

We’re not saying anything to our kids until they are in their late 20s/early 30s and established. I’m happy to help them max out their 401Ks starting with their first job and all of their higher education will be paid for, but I want them to feel responsible for their success. I would be happy to help them buy a home, but only after 29. If they want a home sooner they can buy it with money they earn. My husband’s parents sold a business and came into lots of money when he was in college. We both clawed our way up various corporate hierarchies, still are, and lived in really bad New York apartments with 2+ roommates while doing that. I would definitely be willing to help our kids avoid some of those bad apartment situations, but we believe living within your income in your early 20s gives you a lot of perspective, and with no student loans they should be more than capable of doing that. I would also talk to a trust lawyer to carve out what can be paid for by the trust. I would much rather it be education/health/housing, which would significantly reduce their burn rate while providing ample incentive for them to grind if they want the finer things. [/quote]

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