Reply to Are your adult children grateful for their trust funds?

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Reply to "Are your adult children grateful for their trust funds?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You raised your kids to be ungrateful.  I know plenty of families living off accumulated wealth of prior generations that are perfectly humble and grateful people.[/quote]

+1. Seems this way to me as well.

Also giving the kids access to trusts in their twenties was probably a mistake. I grew up well off and am privileged to have come from generational wealth. My parents were very generous with helping me in my twenties, but there was no access to a huge trust fund. My siblings and I learned to be grateful for their help and to cover as much of our living expenses as possible independently.

Also, are you (the parents) hard working or also beneficiaries of generational wealth? While one of my parents comes from a wealthy family, both of my parents worked very hard in their careers until they retired and they’ve always lived modestly but given generously. They set a good example growing up. On the flip side, I know many people I grew up with who came from family money- their parents lived high on the hog despite not having real careers, and now there is not much left for their kids and grandkids. [/quote]

I’ve read so many times on DCUM that people think that giving funds to descendants when they’re younger (20s and 30s) would have helped so much more in their lives than getting it all those years later. But I guess you run the risk of having entitled kids. [/quote]

My estate attorney advised us to do the opposite, not to give before they were in there. 30s or 40s.[/quote]

We are in the "give while in the 20s/30s" so it has the most impact.  But we have kids who are motivated and work hard and generally live a lifestyle supported by their careers.  Our gifts are extras.  They drive a $35K Honda and keep for 10 years.  They are not upgrading to a $65K luxury sports car. And they live in a very nice but not super high end apartment.  Most importantly they use our gifts to save, save, save for retirement and otherwise.   It's the legal way to get them a huge downpayment for first home without impacting our lifetime exemption. 
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