Reply to It’s extremely hard to raise kids in a nice neighborhood without generational wealth

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I hate the term "generational wealth'. I feel like this is all we hear about these days.

Are people done with building their OWN wealth??? [/quote]

I think we hear about it a lot more because hopefully it will encourage more families of all income levels to work on building their wealth.

1.  There are more programs to help families buy a home that they can pass to their next generation. 
2.  Encouraging life insurance. This will help the next generation keep up with assets.  
3.  Retirement funding.  You can start with small amounts and keep it going.

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Too much generational wealth is toxic. [/quote]

Most of us are not just passing it on to our kids.  our kids have good careers and would do exceptionally well in life without any help.  We are not just giving them $500K for a downpayment and telling them they don't need to work.  At least in our family, if you don't have a meaningful career, you are not getting funding (unless there are serious mental/health issues or you speak with us and choose a path to a much lower paying career that is highly beneficial to society ---as in, I'd fund my kids being a teacher or social worker if that's what they love and I'd give them more to raise their overall quality of life.  )[/quote]

Unbelievable.    I can only imagine what jobs someone like you would consider meaningful.  If you had significant assets you would have to be transferring them already or at least put them in irrevocable trusts where you no longer have ownership of the assets and cannot take the assets back.   To be that controlling and dictating to adult kids, bullying them into only taking jobs you approve is one way to ruin what could have been a healthy relationship.   [/quote]

Where did I say"only take jobs I approve"?!?!

I simply stated that they have to have a "meaningful job" to get the funds.  That means they cannot be sitting at home playing video games all day and only working at the 7-11 for 10 hours a week and expect us to "help"  we are not funding them sitting on their asses all day doing nothing.

Also, each kid already has $10M in a trust from us.  However we gift yearly to minimize state taxes (at the state level--and also at federal because even with 15m per person it will be an issue ) and the trusts have guidelines in place so a kidding the wrong path cannot drain the trust to buy drugs, gamble etc

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