Reply to I'm preparing to support my kids financially forever

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[quote=Anonymous][quote=Anonymous]When my parents started sharing their gifting plan, one of my siblings’ spouses suddenly wanted to stop working and be a SAHD. He was “burnt out”. Another sibling-in-law started sending even more money to their own parents. [/quote]

That’s easy to avoid if it bothers them.   Rich parents had an irrevocable trust for our children and put money in it every year.  We would send info on what they needed and they would send the money directly to the camp or activity or whatever it was. Parents paid directly schools.   We would get yearly gifting but that’s not enough to just quit a job.   They bought us a house and other necessities but we still had to work to pay taxes, heat, etc.

They created generation skipping trusts .  Now that they are gone their children get generous yearly payments and the grandchildren each have their separate money in trusts for their needs.  Their future great grand children are covered too.

They were in the top 1% but you don’t need to be.  Why can’t you wealthy people make arrangements where you supplement their income and save some for future grandchildren.  Don’t hold onto all your money until you’re old.  [/quote]

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