Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Troll. If you’re really wealthy your family office should be managing this, not strangers on dcum.

Unless she just wants to brag.

Besides we all know she’s leaving everything to the kids.

The jealousy on DCUM is so pathetic and uninformed. They said they are self made rich - family offices are usually from generational wealth and are set up to ensure that generational wealth lasts. Read OP’s post again. Why would she want to pay money for a family office when they have no desire to raise a bunch of Paris Hiltons?

+1

We are worth similar, same age and manage it ourselves with a financial advisor and HNW manager, who is free as part of our financial advisor, and a lawyer when needed to make formal changes. We stay involved and would not want a "family office".

Honestly, if my parents had $30m and died when I was young and only left me $1m, I’d be really upset. Leave it to a charity, I guess and let the execs make millions. Maybe one of your kids will worth for them.

Anonymous wrote:At minimum: pay for college & graduate school, wedding & a starter home in full.

This.

Also, why are you paying on a $12m life insurance policy? You don’t need it.

Anonymous wrote:Seriously, OP, you have that much money and are crowd sourcing your estate planning on a silly site like DCUM?

TROLL

DP. Disagree. I don't think OP is asking for financial advice so much as parenting advice. DCUM is a good place to get ideas for how to think about the non-financial implications of inheritance.

I like a PP's suggestion about not leaving them enough to do nothing. Wise.

OP, I also think this is something that will evolve as your children grow up and you see who they become as adults. I tend to think that a lot of personality and character is hard wired and not completely an effect of parenting. They may turn out to be self-interested, petty, generous, worldly, compassionate, organized, flaky, thoughtless, humble, entitled, creative, etc. You just don't know yet. I can imagine revisiting your decision in the future when you see what they might do in different circumstances.

You have 30 mil and you don’t want to leave it all to your kids. Why do you need 12 mil in life insurance? Makes no sense

I don’t have any advice but want to let you know that I’d welcome any donations that you’d like to make to my children’s college fund.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
We believe in generational wealth and our goal is to educate our kids to grow and manage it, and pass it on to the next generation. We come from old money, and fortunes have ebbed and flowed in our families, so we take the *very* long view.

Ditto

Yep! May as well set up future generations. The alternative is leaving to either a religious organization (no thanks, I don’t want to subsidize child abuse reparations) or a charity (the vast majority of the donations go toward the board salaries).

Nonprofit boards are typically uncompensated.

Anonymous wrote:

Anonymous wrote:Seriously, OP, you have that much money and are crowd sourcing your estate planning on a silly site like DCUM?

TROLL

Op here. Yes, I am. It is a data point and not as biased as any of the other parties I could ask.

This is ridiculous and should preclude you from making any decisions about money. omg.

Generation skipping trust - GST

Anonymous wrote:

Anonymous wrote:
We believe in generational wealth and our goal is to educate our kids to grow and manage it, and pass it on to the next generation. We come from old money, and fortunes have ebbed and flowed in our families, so we take the *very* long view.

Ditto

Yep! May as well set up future generations. The alternative is leaving to either a religious organization (no thanks, I don’t want to subsidize child abuse reparations) or a charity (the vast majority of the donations go toward the board salaries).

Anonymous wrote:
We believe in generational wealth and our goal is to educate our kids to grow and manage it, and pass it on to the next generation. We come from old money, and fortunes have ebbed and flowed in our families, so we take the *very* long view.

Ditto

Leaving them money to try to control them probably won’t work and neither will not leaving them money to try to control them.

Just do what you want with the money and your kids will turn out how they turn out tbh.

The bigger question you need to deal with is how much if any money you will give them while you’re alive and sitting there with all this money.

That’s so obviously more important than what happens when you die that I think you’re a troll.

I would leave it all to them.

Anonymous wrote:Guess I am poor but what is “partial interest games”?

I believe it's like this. The estate tax gift limit is $5mln, and youh have a $10mln house,so you gift htem a 50% interest in it, while the remainders stays in the estate (via trust).

Yeah, definitely troll.