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Reply to "When do you tell kids about family money?"
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[quote=Anonymous]You tell them nothing about the grandparent trust until the grandparents are gone. Because anything could happen with that money. My mom’s memory care is $15k a month, they take great care of her and she’s probably going to live ten more years. Let that sink in. To set your kids up for success don’t make money a taboo topic, teach them the importance of saving as soon as they get their first job, show them a compound interest calculator and spend time with them plugging in different numbers. Stop worrying about what may happen (as in they may have an inheritance down the road). Grandparents money isn’t life changing and they could be in their 60’s by the time they inherit from you. If you really want to start setting them up now gift them the IRS max each year with some of that maxing out a Roth IRA for them. Money for them now is way more impactful than when they’re closing in on their own retirements. [/quote]
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