Reply to People with $5M+ NW, why do you still choose to work?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I think it’s weird that so many are working for generational wealth. Future generations will not know you or care about you, and your money will be gone quicker than you can imagine.

Not trying to be a jerk, but every wealth study shows that large inheritances are quickly separated and spent by indulged kids who didn’t work for the money, don’t understand how to make it, and feel undermined by it.

Think about it: if most people work because it’s a necessity and later because they’re good at something, a big inheritance just stops many from even trying.

This isn’t to say that you can’t help your kids, but doing everything for them and your grandchildren before they even try isn’t really a gift; it’s about you showing them how great you are. [/quote]

We have two children.  One will blow through the inheritance and the other will save every penny of it.  I like the idea of the one who spends to at least have a home that’s paid for.  They make enough to support themselves but spend every extra dollar they have.  The saver will end up with a nice home and create even more generational wealth.  Raised them the same but boy did they turn out differently.  [/quote]

Have you talked to your estate lawyer about this? There are ways you could structure the inheritance to make it so the spender can't blow it all. Like, say he only gets the income from the trust until a certain age after which he can only take a certain amount of principal out per age, or give him the ability to disperse the income but put a corporate or other independent trustee in charge of the principal distributions.[/quote]

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