Reply to Generational wealth. What's behind the obsession?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I’d rather have my children enjoy generational wealth than slave away at Google, Morgan Stanley, a federal agency, or other soul crushing office work. If they pursue the arts, great. If they pursue being a teacher or something low paying, great. If they want to just work out and travel and live well with their own families, great. Any of it is better than the toil and striving and stress you see on this forum and in the DMV. [/quote]

I have no idea how much wealth you have, but have in laws on my spouse's side where the grandparents left $50MM to a son and two grandchildren...and it's all gone now (happened over 20 years).  The all "traveled and lived well"...literally.  None of the three ever held a real job...just a series of lifestyle businesses that ate capital and went nowhere, in addition to traveling a ton, living in resort towns and spending without abandon.

Look...if the kids hadn't been such dumbf**ks of course they could have lived well off just the dividends, but the grandparents who made the money kind of had the same attitude as you and didn't instill any kind of stewardship over the estate.

BTW, the money was all in generational trusts...if the ones who benefit from the trusts want to get at the principal, they can.  In this case, it was all their stupid business ideas.  The trustee was not going to risk getting sued for not releasing the principal even though they probably thought the ideas were not going anywhere.

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Meh, my DH and his siblings have a trust fund and all of them work. One runs a farm and is at the farmers market each weekend and works her ass off, one works as ski patrol in winter and MTB patrol in summer, and my DH works in education but i do not want to get too specific here. The difference is the all do "work" they love.  The principal of the trust is not even touched, there are rules and it is a whole process to get any extra money than the alloted and nobody has even tried it. The truest basucally gows on its own and is the money maker.[/quote]

Not getting your point.  PP said they don’t care if their kids just travel and enjoy life.

Also, you admit that the principal of the trust can be touched…just that your DH and siblings haven’t.  It just takes a couple of dumbf**ks to go after the principal (and they will get it…the trustee has little incentive to fight it) and blow it.[/quote]

I suppose? but it is not easy. Has to be approved and theres narrow list of qualifiers.  Something pretty devastating would have to happen thst  the normal generous disbursements could not cover. [/quote]

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