Reply to If your family had generational wealth when did it end?

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[quote=Anonymous][quote=Anonymous]My husband’s family’s money is still going strong after three generations. His great grandfather made a killing in steel and that money is in various trusts (generation skipping and other various forms). I can only think of one family member that was previously very cavalier with the money and spent down her portion like water. The rest of the family is very committed to preserving the wealth for generations to come. Our lifestyle is helped largely by my husband’s grandparents money that was left to him and my children’s grandparents will do the same for them. The day they were born there were sizable trusts established for them and education has been funded to the fullest extent that they want it. I hope we are instilling the same mentality in them so they also take of their grandchildren someday and so on. [/quote]

Generation skipping is a key way to keep the wealth going.  A lot of the ways that were most effective for doing this though have been restricted (in my mind rightly so--why should people get disproportionate tax benefits to keep multiple generations well-off, even though this was the strategy we planned too).  529 plans are still a good option to focus on ensuring grandchildren will have educational resources.[/quote]

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