Anonymous wrote:The real question is does everyone have a trust established for their minor children in the case that they and their spouse knock off early. I know I don't want my kids becoming overnight millionaires on their 18th birthdays after losing their parents.

Our original trusts for our minor children had relatives and a banker as trustees and our kids would get the money at age 30. At 18+ they could access $ with the approval of the trustee for education, medical care and whatever the trustees thought was reasonable. Pre-18 their guardians could access the trusts via the trustees for child support. Now that they are 30 our updated trusts are such that they would get a full distribution only after the surviving spouse dies. I am the trustee of my spouses trust and vice versa. We can authorize distributions to our kids at our discretion but we haven't because they haven't needed it and fairness is critical. We are currently working to move more of our assets into the trusts to take advantage of the new tax bill which raised the amount you can transfer estate tax fee.

5.5 million - 4.5 million from life insurance (first year biglaw partner).

Anonymous wrote:

Anonymous wrote:The real question is does everyone have a trust established for their minor children in the case that they and their spouse knock off early. I know I don't want my kids becoming overnight millionaires on their 18th birthdays after losing their parents.

Most people don’t have a trust names as contingent beneficiaries of retirement. If you die while in payout status, your kids will have to take rmd’s every year.

Could you elaborate on this? Can one name a trust as beneficiary of a retirement account? In that case do the RMDs go to the trust for the benefit of the children according to the terms of the trust? If the children are not minors, what are the pros and cons?

Anonymous wrote:1.5 million life insurance
2 million pensions and 401K
1.7 cash and stocks taxable accounts
Three homes. My pied a tier in NYC, my beach house and my mansion in Potomac
Three cars, once again each kid can take one

I have three kids so only fair to have three homes and three cars so each can get one.

If you are wealthy and snobby enough to use the slightly obnoxious term pied-a-terre you might want to learn how to spell it.

Anonymous wrote:The real question is does everyone have a trust established for their minor children in the case that they and their spouse knock off early. I know I don't want my kids becoming overnight millionaires on their 18th birthdays after losing their parents.

Most people don’t have a trust names as contingent beneficiaries of retirement. If you die while in payout status, your kids will have to take rmd’s every year.

The real question is does everyone have a trust established for their minor children in the case that they and their spouse knock off early. I know I don't want my kids becoming overnight millionaires on their 18th birthdays after losing their parents.

Anonymous wrote:Really Rich people call a 10,000 square foot house in Southampton a bungalow

Cottage. I haven't heard bungalow.

My kids would inherit Canada and most of the DC area.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:WTF is this thread??

It's another "what's your net worth" thread...

Yes, but with a macabre undertone.

I won't dignify it by answering.

Much integrity. Many brave.

We're in our mid 30s with 2 young kids. If wife an I died tomorrow they would get everything, so total: $1.5M life insurance + $700k financial accounts (that's everything, including retirement accounts, 529, brokerage etc.) + house (probably about $300k equity). So that's $1.25M per kid. I think they also would get some social security survivor benefits, but I'm not sure how that works exactly.

Our kids are 11 and 14. If we both died they would each get about $1 million, almost all from life insurance. We have a little in retirement savings, cash on hand and equity in the house.