I frequently put large purchases on my CC. I'm wealthy, but still love to take advantage of CC points. You are making assumption about things you just can't know.

Anonymous wrote:I have one now after spending most of my adult life working a five figure do gooder job and not having a trust fund. It’s weird. I still don’t think it’s real and worry about money. It’s about five million.

I'm the same but mine is closer to 10

Way less than 1%
Maybe 1-2% have trust fund / $1M+ inheritance / large cash gifts in excess of $20k/yr - not “help” with a house, but the whole house or 20% down on $1M+, fully funded 529, 12yrs of private school tuition.

I guess 5% have help with college loans, help paying for a wedding, or $10-50k for a down payment.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My kids don’t even know they have trust funds.

Same here. We don't plan to tell our kids until at the earliest, college.

They probably do and don’t say anything.

My mother tried this, but one of her friends guessed that we had a trust and has been contacting me and threatening me for money for nearly a decade. I hear from her with a new threat 4-6 times a year.

What are the threats based on?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My kids don’t even know they have trust funds.

Same here. We don't plan to tell our kids until at the earliest, college.

They probably do and don’t say anything.

My mother tried this, but one of her friends guessed that we had a trust and has been contacting me and threatening me for money for nearly a decade. I hear from her with a new threat 4-6 times a year.

Block her?

Anonymous wrote:

Anonymous wrote:My kids don’t even know they have trust funds.

Same here. We don't plan to tell our kids until at the earliest, college.

They probably do and don’t say anything.

My mother tried this, but one of her friends guessed that we had a trust and has been contacting me and threatening me for money for nearly a decade. I hear from her with a new threat 4-6 times a year.

The first rule of trust funds is don’t talk about your trust fund. Some of you might know more than you realize.

Anonymous wrote:I really wanted them to lower the estate tax limit because if they did my inlaws said they would start giving annual amounts to stay under the limit. DH and I would have much preferred that, and inheriting a smaller amount, than to inherit a larger amount in our 60’s (likely.) I don’t plan to wait until I’m dead to help my kids.

Quit counting on other people's money, you dope. Work hard NOW yourself to "help" your kids. Your preferences don't really matter anyway.

less than 1%

Anonymous wrote:I don’t know anyone with a trust fund.

I take that back. I know several with a trust fund, but they were created because they lost both parents before they were 18. Not a situation that I envy.

Anonymous wrote:5%, if that

No, the 5% can't afford trust funds. The 1% need them.

I really wanted them to lower the estate tax limit because if they did my inlaws said they would start giving annual amounts to stay under the limit. DH and I would have much preferred that, and inheriting a smaller amount, than to inherit a larger amount in our 60’s (likely.) I don’t plan to wait until I’m dead to help my kids.

I have one friend (that I know of) who has family money. I don't know that it's technically a "trust fund." At least some is a share of income from her father's business. But she's mentioned there's money for her four kids to go wherever they want for college, she pulls from it for travel and pays for her kids' expensive sports and she and her husband don't really worry about saving for retirement (she's a SAHM).

If you only knew her casually you'd have no idea. They live in a modest house with minimal updates, drive old cars and her teens go to the public HS that has a wide range of SES. They all did Catholic School for K-8 but the grandparents pay for that directly for all their grandchildren.

Anonymous wrote:If the median is about a quarter mil, these aren't life changing amounts for many.

Yeah really. That'll cover college and that's it. Or maybe a down payment on a nice house in the burbs with good public schools.

But you're on the hook for everything else, which is a LOT if you want to live the UMC professional life near a coastal city.

When I hear "trust fund": I think of people who have like 20 million and are set for life as long as they don't do anything stupid with the money.

I don't think of 250k. My 12 yo has 250k in a 529 that we're continuing to add to.

Instead what I see more of is that the parents are buying their adult children cars, home downpayments or expensive renos, school or activity tuition for the grandkids, lavish family vacations, etc.

I see all of the above regularly and I live in a pretty basic 700-800k house neighborhood in the suburbs.