to op:Apologies if this is covered before, I couldn’t find in a search.
My wife and I have 2 kids, 21 and 19…we are revisiting our will. There would be a sizable estate (around $10mm) if, god forbid, we were to die unexpectedly. Leaving kids that age (or at 25 for that matter) with that kind of money is inconceivable to me. I know there are various ways to structure the proceeds over time (eg $x per year + lump sums at various points in time).
However, a friend of mine with kids the same age told me that since he had to make his own way in life, his children should too. His will does not allow any proceeds until the kids turn 50. His intention is to make his legacy be the gift of early retirement. I found this very interesting.
My wife, on the other hand, saw this as “reaching beyond the grave”. She also pointed out that his attempt at life lessons was just pushing on a balloon because his children wouldn’t bother saving for retirement if they knew that a pot of gold would be there at 50.
Thoughts?
1
Consult with specialized professional legal counsel for estate planning (trust?) that "fits your exact needs and concerns", (not a one size fits all package trust)
2
Order softcover on Amazon and read in depth.
Written by 2 attorneys. While not "legal advice", the case studies and examples of how family dynamics effect estates "after you die" and before, is very well done.
https://www.amazon.com/Beyond-Grave-Rev ... 146&sr=8-1Beyond the Grave, Revised and Updated Edition: The Right Way and the Wrong Way of Leaving Money to Your Children
3
note: what others do for themselves and their family and children when it comes to estate planning and also what values and so forth to impart to their children is great, "for them"...but does not apply to you and your children in any way, especially when it comes to "estate planning" and "your level of wealth".
There "can" be great disparities in "what happens when you die" and "estate planning and wealth distributions, etc, while you are alive" when comes to level of wealth. Money is the "elephant in the room". Most all ages of children and families fully grasp in their own way, the difference between inheriting a "home" and inheriting 10 million dollars. It changes motivations and ambition in life, enabling and codependency and safety net levels and all of the wonderful social and cognitive philosophy and human dynamics that make up a family.
Though not a spreadsheet, or flight plan with numbers, all of the above should be taken in to consideration as a "comprehensive" level of estate planning that you and your spouse will sleep well at night with.
PM me as you wish.
For DW and I. I had similar concerns when I did my estate planning and the level of assets concerned with was similar. It took several years to finalize an estate plan that DW and I could sleep well at night with. And, it still gets updated.
j
IANYL (not legal counsel)
Insert: (standard dis laimer for opinionizations, onions, fact checks, sniping, personal experiences and perspectives, etc. Everyone is different in all things, this is just one helpful input).
Statistics: Posted by Sandtrap — Sun Jun 30, 2024 8:34 am — Replies 23 — Views 1660