Reply to Does your social circle have a lot of family money/trust funds?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I’m that person with a trust/generational money in my social circle. Could be others, I know there’s been a lot of down payment help, but we don’t talk about it obviously.

Ask me anything [/quote]

What career paths did you (and spouse) choose and do you work? What would you have done for a career if you didn’t have that money?

Are you open with your closest friends about it? [/quote]

I followed my dad into real estate as I grew up around it and found it interesting. I knew my parents were doing well financially and my siblings and I all finished school without debt but I didn't have any nitty gritty conversations around family wealth with my parents until recently. I don't think my siblings are fully up to speed either.

They've only recently started writing big checks to help us out - most recently with home purchases and new cars. We're named beneficiaries on some trusts when my parents pass away but we don't get a set allowance or access to those trusts yet. The trusts are set up so that my parents can give us money or pay for childcare/tuition without worrying about gift limits or estate taxes. My wife is in medicine (PA/NP, not MD) and family support has allowed her to step back and stay home with our kids while they're young. She may or may not rejoin the workforce when they're older (I somewhat doubt it, practicing medicine today sounds like a grind).

We're opaquely open with our close friends because we don't want to pretend like we're working so hard or doing so well we can afford to have a stay at home parent and our house and everything on one salary. So when we bought our house we'd say something like "yeah, we're very lucky - it's a tough market and ____'s parents helped out a lot so we could get this place". That's acknowledging the family support without getting into specifics - maybe they think "wow, their parents gave them $50k" for a downpayment when in reality we took out a $500k mortgage on a $1.6 million house.[/quote]

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