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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My grandparents had a 77M estate but 4 kids. The vast majority went into our family's foundation and[b] each kid (my parents) got $4M[/b] (they/we received gifts in the past as well). Grandkids got small amounts to help with down payments/college.

While a $4M inheritance is nothing to sneeze about my grandparents did not want their kids to coast with $15M each (in addition to their savings) since they built the wealth from the ground up.

The family foundation is the most rewarding inheritance we "received.' It is so special to be able to control sizable gifts each year to organizations we love.

With that, the wealth could have been substantial to all but they chose philanthropy. [b]Obviously we will inherit a good amount from my parents but not 15-20M. Is that still generational?[/b] TBD.

[/quote]

Yes, yes it is.  WTF.

It's one thing for people on this board to say they "feel" middle class at $300k HHI, but gmafb with this reach that a seven figure inheritance over three generations may or may not be generational wealth because you think you should be getting 8 figures.  Get bent, seriously.[/quote]  I have a different take on this case.  You give the bulk of your estate to philanthropy because you don't want your kids to coast??  I wonder if the grandparents had any help in building up that sizable estate.  You can set up trusts for the kids, whereby the kids have restricted access to the money, and as they age they are granted more access.  You don't trust your kids with the $$$ but you trust a philanthropy?  Seems off to me, family first.
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PP literally says the grandparents built the wealth from the ground up.  And your distrust for parents trying to instill any modicum of work ethic doesn't change the fact that seven figures gifted to each kid for the accident of their birth (on top of other "small gifts" like college and down payments, ffs) is the very definition of generational wealth.  There's nothing to be determined.[/quote]

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