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

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[quote=Anonymous][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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I never said they didn’t trust the kids/grandkids. My grandparents grew up poor, built multiple businesses and treated us to a fantastic life. There is a massive difference between inheriting $4m and $15m+ from a mental standpoint, regardless if it’s in trust or not.

They provided enough money to make us comfortable but not enough to allow us to coast. They gave us a leg up and most importantly a significant foundation to do good in perpetuity. They always states their wealth was for their community. Without their community they wouldn’t not have become wealthy.

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I’m fine with doing whatever with one’s money but in my extended family, this idea that you can make your children grow up to be industrious but comfortable by leaving them just the right amount of money is pretty much a myth. They seem to just become who they’re going to become either way. And I’m not at all sure that some of the “industrious” ones are morally superior to the ones who “coast” by being art teachers or whatever it is you look down on. And I’m not sure they’re happier, either. It just depends on the person.

I would advise anyone with a lot of money to free themselves from the burden of figuring out exactly how much to leave in what way to make your children or grandchildren or great grandchildren do one thing or another. It’s probably out of your hands. [/quote]

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