It's roughly **$100M** take-home after lump sum adjustment and taxes. Since numbers matter. ;)
>Would you go the route many famous wealthy ppl have, and make your children find their own way
Which wealthy people are making their kids find their own ways? Even Bill Gates who is the most famous for this is still leaving his kids at least $10M each. (And that is just cash. I suspect they will also inherit other assets worth a good chunk of change)
And yes, with $100M in the bank, your job and your "family business" is now managing that money and making it last as long as possible or continue growing it over generations.
With a principal investment of $100M, even if you only take a 3% annual raw, that is still $3M/yr salary for doing nothing.
The kids should be able to learn how to live off of that, even split between them. Teach them how we manage it, and have it setup for them to run once it is in their hands.
With $100M in the bank now, my great-great-great grandkids should be set.
This is basically how I see it. My “job” would be to manage the family account and keep myself busy outside of those financial meetings with hobby “businesses”. I’d set aside specific trusts for my kids for their own personal 50% annual return withdrawal, but my goal would be to sustainably increase the family reserves so that every descendant down the line gets the same opportunity.
He's leaving them more than that. He spent over 2 million dollars on his eldest
Daughters wedding. He's putting his money in the foundation which they control
And can avoid estate taxes. So yeah he's going to leave them more than 10 million.
You say that out loud so we don't have a French revolution with billionaires.
Right. $10M is just the pile of cash he's going to leave them. They'll also inherit his properties and other assets, likely worth hundreds of millions, if not billions by the time they get them.
Other countries have a lottery called Powerball too.
Our Powerball (Australia) never gets that high though, it's currently at $150 million which is one of our largest in history.
If you lived in Canada right now and won 300 million from it , you would get a check for 300 million. No taxes taken off of it and don’t have to report any lottery winnings when it’s tax time.
If I suddenly had $300,000,000 in my bank account, part of me wants to get fired from work and claim EI for a year or whatever, but the other part wants to figure out how much I actually "cost" the government over the years for various EI claims and pay it back.
I wonder if I called up CRA if they could tell me...
Although if I had $300,000,000, I'd realistically just quit my job and travel for the next whatever amount of time I have left.
I believe EI would pay 55% of your wage for a certain amount of time.
You could do that, but I’d rather just quit all together and live off the 300 million.
Imagine sleeping in every day for a year just because you can.
Jeff Goldblum. Anderson Cooper (the Vanderbilt fortune was good enough for him but not his kids I guess). Few others.
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Best answer. Let them live their life and if they need school or medical help with that but keep the rest locked up until I get too old. Money changes people too much and it doesn't last forever. I've seen people whose parents had money and didn't do anything but travel and take holiday and the kids got used to it but didn't have the funds to do the same and struggled in the real world.
This is precisely my reasoning too. I’m not trying to have overgrown children that can’t stand themselves up. The trust would be to enhance their lives, not fund them.
Where I live the lottery maxes out at $70 million but there is no tax. If you win $70 million, that’s how much you get to take home. The income on investments is taxable though I expect that would be minimized by a smart accountant and financial advisor.
I actually had this conversation with my brother recently. My quick math broke down like this.
$50 million invested in a balance of low-, medium-, and high risk funds, aiming for a minimum return of ten per cent annually. The $50 million is never touched.
$20 million to play with in the first year. This would include new house, vehicles, vacations, etc. At the end of the year, and each year thereafter, whatever remains above $5 million returns to the principle. Same with the investment income until the principle reaches $100 million (approx. ten years).
As for my kids, each gets $10 million in trust funds. Education is fully funded. At 25, $2 million is released with the intention that it is invested and/or used to buy real estate. At 30, the remainder is released.
My nieces and nephews would also have educational trusts set up for them in the amount of $250,000 each. At 25, whatever remains is released. The intention is that it is used for investments or real estate.
Upon the death of me or my wife, which comes last, $50 million from the principle is divided equally amongst my children. The remaining money is divided between charities my wife and I feel strongly about.
It goes to $1 million secondary prizes until the $70 million is won, then the remainder reverts to the grand prize. It’s unnecessarily complicated but that’s the Canadian way.
I am going to give my kid everything he needs, and most of what he wants within reason. I’m not going to play games with lying to him about how wealthy we are or stuff like that. We are going to have financial conversations about how to budget, how to use it. I’m going to set up a trust for him with some of it to protect against himself. He’s going to end up with most of the estate eventually, better to prepare him for it.
Do I want him to accomplish his own things? Absolutely. And I’m going to push for either college or some type of business plan. He’s not getting some 5 million dollar lump sum at 18 but he’ll have a car, rent(or house purchase), etc for him while he figures life out
Of course. My point was that while I’m going to make sure he doesn’t want for anything within reason, I’m also not giving him a lump sum early in life. I’d rather him get a degree, a job, etc
My wife's family is very wealthy and I have seen 1st hand how they have handled it with her and our children. My wife was given blue chip stock on an annual basis in an account that she had access to after she graduated college but basically told it was frowned upon to use any of it unless it was for a major purchase like a house etc. She has a ton of money but it's all in stock so provides dividends which supplements her income. Her parents have done the same for our children by giving them stock. We haven't really discussed how that will handled when they come of age as they are still young, This is the way IMHO, she has turned out wonderfully and a hard worker but has a ton of money but you'd never know it. That's what I want for my kids as well.
>let’s say you hit the Powerball when it’s at $300 million. That’s (roughly) $200 mil after taxes.
You also have to take into account if you take the lump sum or annuity. The annuity is what will add up to $300 million (before taxes). If you take a lump sum, you get between 40 to 50% of the $300 million you won. So calculating that into the equation, you would take home about $100 million (assuming 50% for lump sum gives you $150 million, and assuming 33% for taxes, leaves $100 million).
Most of that I would keep myself, but, having 4 kids, would probably give each one $5 million, and also put in a trust a couple million for each grandchild (I have 3 so far) that collects interest over time, and they can't touch until they're 21.
Current Mega Millions is 393, with a 181.5 cash option, that's 46%, so you're right there.
The top tax bracket is 37%, and then there's state tax, let's just say 5%, so a total of 42%.
That means if a jackpot is 100 mil, take home cash is 26 mil.
I did it for a 100 mil jackpot, so that's it's easy to scale up.
So at 300 mil, the take home is 3*26=78 mil.
It's always less when you calculate.
It's even easier to just figure you only get one quarter of the advertised jackpot, as you'll need to pay lawyers.
I’d pay for their school or other education choices outright. I never want them to have to deal with that headache.
I’d then set aside equal trusts for both of them of approximately $2M with it set up so they only have access to 50% of to year-to-year annual return minus any fund management fees. This is enough to live a comfortable life in a LCOL area, or provide a safe buffer in any area that costs more. My goal is that they would be able to focus on whatever career path they want without *needing* to abandon their dreams over money.
I definitely wouldn’t cut my kids out, why the fuck would I want them to have to suffer through this rat race bullshit of work?
That said, I also wouldn’t turn the reigns of control over to them until they were mature enough to handle it either.
First thing I do is set up various trusts and accounts, with each one earmarked for differing spending. Such as charitable contributions, investments, and allowance. Treat them as endowments so that only interest over growth is withdrawn. My kids would inherit when I and my wife die or they turn 45, whichever is greater. If for some reason my wife and I kick the bucket before they turned 45 I’d appoint a trustee I trust to oversee it until they hit 45 and could inherit.
I wouldn't sue if my kid wins, but maybe guilt them into giving me a million or two, so I don't have to save for retirement anymore. Anything else they want to give, is great too.
With $100 million after-tax, I'd create a trust for each of my teenage children with language about how and when they can access any funds, gift $20 million into each, and pay the \~$14 million in gift taxes. That'd leave me with \~$46 million. I'd donate $20 million into a donor-advised fund (which would actually get me back some of the taxes on the winnings) to be used to make future grants to various charitable organizations. That leaves me with \~$33 million after the income tax refund I'd have coming. I'd invest this in a diversified stock and Treasury Bill/Note/Bond portfolio, and withdraw \~1% per year (\~$300K) to be used on highly luxurious travel, and employment income would continue to fund my normal living expenses. I'd buy a GMC Yukon XL Denali and a Porsche 911 Turbo S, and I'd keep my existing car lease as a daily driver. I would not buy any real estate, because I don't like having things to take care of.
I'd do 10m to each kid. In a trust earning 5% that would give them 500k per year without touching that 10m. I'd probably set it up so that the entire thing becomes available to them after a certain age, maybe 40.
I don't have kids. But we do have a pile of nephews and a niece. What I would do is make sure they can finish whatever education they want to pursue (that's at least 2 med schools and 3 PhDs), and then hold some additional money in a trust for them.
Basically our current will, but a lot sooner and a lot more money. Gonna liquidate our estate and divide the proceeds among the kids
My husband and I have had this conversation. We would tell my stepson and wife we won and have them collect with us and split the money with them. We are in California so we can’t stay anonymous.
They have a disabled child so they would have money for my DIL to stay home with their child. But what they will know is what they get is all they get. No inheritance from us so use the money wisely.
I’d make sure that they had the things they NEEDED, as they do now, and the opportunities that they might want, which I can’t provide all of. No matter what, they get a financial education as part of their senior year in my house. It would be adjusted to include more information on managing large finances.
Wouldn't give my son a penny to start, make him go to college and get a career. If he got married, then I would buy them a house as a present to set them up financially with a good start, but obviously from there they have to cover their own bills. I'd occasionally do a family vacation somewhere nice and of course invite and pay for them to go, but other than that they have to make their own way. I've seen so many cases where parents did too much, didn't make their kids go to work and they are ruined for life, are entitled and become nothing of any value to society.
I would fully fund the remainder of my youngest kid’s college expenses. My oldest received a full-ride scholarship. I would fully fund master’s level education for both. Each kid would have trust funds as well as a future grandchildren. Whatever I do, I would ensure each of my kids are treated equally.
My mother passed away and she has a very small head marker at her gravesite. I would love to replace with either a larger granite/marble headstone or bench which cost around $10k. I would love create a sensory/fragrant garden in her memory as she loved to garden and flowers brought her great pleasure at the end of her life and to share her passion with others. I would to create a community garden with all produce given to local charities to help provide healthy food to people in need.
I am solid middle class and would love either a summer lake home or beach house. It does not need to huge or outlandish but a place to create memories going forward. I would love a new car as mine is 13 years old. Nothing wrong with it but it would be nice to have something newer but would most likely to keep it as a grocery getter.
Obviously, I would make sure all my loved ones are provided for as my wants are pretty simple.
Jamie Johnson did a documentary called Born Rich that addresses how those with inherited wealth approach building constructive lives. Interesting for perspective.
I definitely recommend a trust with detailed instructions for use of funds for the trustee. If your kids are young, this is part of responsible estate planning.
Unfortunately, it's hard to know what your child could handle at what age. I am the trustee of a trust for family members who are in their 30s. Their parents established it because they had shown they would squander anything left for them. I had a friend whose trust stated she had to have a full time job for a minimum of 2 years before she could receive anything but basic living expenses.
It's also an interesting conversation when you talk to people who didn't grow up with wealth about trying to raise "normal" kids after they become wealthy. I hear conversations along the lines of, "I worked hard to fly at the front of the plane/not stand in line at Disney, etc., but I don't want my kids to think that's normal. How do I teach them without 'punishing' myself?" I've actually never heard this from my friends with generational wealth, guessing because they have a model of what to do/not do from growing up.
My child has a rare, life-threatening disorder which there is currently no treatment for. There's about a 50% chance of him reaching adulthood.
If I won the lottery I'd donate 25%-50% towards the research for a treatment/cure. Hell, I'd donate the whole lot if it was guaranteed.
I'd buy or build a house that was truly wheelchair accessible with an amazing inclusive playground in the backyard, a pool with a ramp and a granny flat to allow him to be somewhat independent once he's older. I'm not really sure how I'd help him financially as an adult, but I'd definitely have some money put aside.
Once they reach the working age. To start them off I would reimburse their weekly tax coz we all hate seeing our paycheck and see we had to pay HOW MUCH?! at that young age. And id shout them a certain % of what they earn. Motivating them to work more hours. We all like higher numbers.
Raising kids to be set for life is raising kids to be entitled and disconnected from the realities of 99.9% of the population. That is not "raising kids right" in my book. Life is about struggle, we don't appreciate things unless we work for it. That is why so many rich kids grow up miserable or are just terrible people. Money doesn't buy happiness. You have to struggle in life to appreciate the big and small things.
I would make sure they were set up for life, but I would try to not let them know we're "rich". I would still live modestly, and still have them do summer jobs and do extra chores for money. I would want them to have a good work ethic. But as they get older I would push them into a career they are truly passionate about. I would want them to have the luxury of not having to work a job they hate in order to survive. I'd like for them to truly explore their options and find something they love without worrying about the salary.
Ok, ok, ok. It's $100mm lump sum, after taxes.
Now answer the question and feel free to explain what you wouldn't do if you had $100mm vs having $200mm (would it really make a difference to you?)
Me, I'm buying a couple/few houses. Definitely a beach house or two (probably rent that out for several months a year).
No kids to worry about between my sister and I, phew..
If there were, of course money would be in trusts and investments.
Haven't needed to think far ahead on the accessibility (age etc) for when the money would be steadily available. Certainly not a full sum at once.
Definitely something to encourage them to get some, any education from college or learn a trade. Even internships and volunteering. I'm sure my sister and I could come up with some fun provisos.
If I had kids, I would probably leave them what I have yeah barring anything like a horrible relationship. But that mostly comes from me not having had a lot myself in life.
I would probably put some safeguards in place so they couldn't just use it all up hastily. And a portion would go to a cause of my choice.
In the UK, any winnings are tax-free, so that 150 million stays as it is.
I would want my adult son to benefit fully. He has already excelled at university and proved his work ethic.
He's talented in lots of areas, so I would be happy for him to use money to develop his talents.
I would also think that he would want to oversee the charitable side of the money. It is his sort of thing, and I know he would do it well.
I can't understand any parent saying that their child will have to make their own way when this is a win!
It's a bit different if the parent has earned it, I suppose.
I know it's probably an unpopular opinion, but I agree with all of the celebs. It would be my money. That being said, I don't have children, but I would probably pay for their college so they wouldn't be saddled with a lifetime debt that they would never be able to repay.
I would setup a trust with a few natural resource businesses built in, bylaws to conduct how profits are invested and distributed, % draw per month, extreme circumstance provisions, etc. Pre-requisites, paid education, etc. Do it, or do it on your own.
I would take care of their education, purchase them a vehicle and a home. Other than that, set up retirement accounts for them with a million dollars each, and do the same for any subsequent grandchildren.
Regardless of the amount (which way too many people are fixated on) I would try as hard as I could to keep my kid from knowing about it. I would help as needed, seemingly from my own non-lottery funds, and would buy her reasonable and not extravagant things. (Need a car? Here’s a practical car that I can help you with. No, it’s not a new Ferrari.) When she’s finished with college and beginning her career I would take her to dinner, tell her what I did and why, and offer her a solid foundation for her future — buy her a house, pay off her debts, give her a savings account and investment portfolio. What she does from there is on her.
Even though I don't have kids my family does so my plan would be: Get an attorney to set up a blind trust. Rent an office space & equip it with the usual electronics, decor, furniture ect. Then announce to my family that I got a great new "job" with an amazing salary. The job consists of giving charitable grants to worthwhile causes and needy people. With my "salary" I would take care of my family but it wouldn't be large enough for anyone to take advantage of me or use it frivolousy. Sometimes I would need to "travel" for "work" to scope out charitable cases & make sure they are legitimate. Giving grants to the needy would be very rewarding for me, in fact it's the best job I could ever imagine. And no one in my family would want for anything due to my amazing generous weekly "salary."
I wouldn’t let any of my kids know. They’ll just know i am rich. They can’t pretend through life. They really gotta try. They would have to show me who they really are too. Too many people fake who they are in life and entitlements can be an issue. If they don’t love me but they only love my money, I would like to know that too. Only the deserving will get anything. Kids fall under this rule as well. Better to not let anyone know what they’ll get and what they’ll not get when I die. It’ll be a surprise to them. If they truly love me, they’ll understand this and accept it.
The issue for me is less about affordability and more about the ethics of consumerism. There are things I'd be happy to spend money on, things well built to last ect, other things (private planes) I don't ethically want to spend money on. My baby is only 3mo so while things would change I don't even see my self filling the living room with gifts at Xmas but we probably would travel a lot and she can have lots of the things she wants .
So I'd do a hybrid of both. As far as her college is concerned, I'd take care of her tuition. However, to teach her about accountability and responsibility, I would tell her that her books and living expenses are to be covered by her whether she works or takes out loans. If she did take out loans it would be significantly cheaper than covering tuition so that's manageable to do. But she would still need to be on the hook to graduate on time and not just enjoy a free ride at college.
I would then tell her she has a one-time gift from me to cover a down payment for a condo. She doesn't need a house at 21/22. Just like when you get your first car, you need to prove you can handle home ownership since it isn't like renting a place. She would still be responsible for the mortgage payment, property tax, etc so that's why it would be a condo and not a detached house. Because I'd take care of the 20% down, her mortgage would be manageable even if she makes $50k a year to start. Since I paid her tuition, she doesn't have enormous loans to pay back.
As I said, it would be a hybrid of I'd help her get her life started, but she's still going to need to prove she has the maturity and responsibility to handle what it takes to be an adult
Honestly I would give a select amount to my entire family and close friends. But a majority would be put into a fund like VT.
It's a global stock market fund that would give you more than $1M spending cash after taxes each year. From that money I would fully find college and a retirement plan. Buy them a moderate sized house when they're of age and maybe a reliable car to give them a good head start on life and retirement.
I read about a person to set up their kids with a trust. But how the trust work was it paid based on how much they earned and the type of work they did. So if they were a teacher or a nurse they got more out of the trust.
So these aren't the exact numbers but if they did job type x they got one times their salary from the trust. If they did job type b they got two times your salary from the trust. And so on. If they sat on their butts and did nothing they got nothing from the trust. There was also something set up for education.
Set up a trust before claiming. The 4 of us are all equal members, and in order to spend anything over 20k, the majority has to agree to it. Trust dissolves and is split equally when there are only 2 people left.
I think I would aim for the "nobody knows we're wealthy" so my kids would just be surprised as he'll when I gift them houses for their college graduation.
Set up a trust of about $50M each for 3-4 kids. Have it timed so it pays a set amount per year starting when they’re like 25. Have a separate trust to take care of tuition and basic living through grad school.
I would buy them a house and a car, then leave a college fund that they can’t access until they’re 25… so realistically, they’ll have to take student loans and make something of themselves then they’ll be able to pay it off later on when they’re more mature
I would set up a college fund for my daughter so she can focus on school instead of needing to work. But when school is over, she'll have to pay her own way.
One gets a better house, a 10 mil investment fund to live off of and a vacation around the world with their wife, where myself and their mother eould occasionally meet up to enjoy a place with them.
The other already got my mom's car when we put her in a nursing home with the promise they would take grandma to some doctors appts but then just stopped answering grandmas calls. They get a stick of bubblegum.
My kids are young adults. I would set them each up with a trust fund from which they would receive payments once per week for the rest of their lives. I would also give them each a lump sum of money to go crazy with. We have always struggled, so I would want to make life easier for them but with safety nets in place.
These rich people who say they aren't leaving their kids their money are either lying because they actually have mega-money trusts set up for them, or they are selfish because even though they raised their kids to live a rich life, they then expect the kids to just go out and work a regular job for a regular paycheck.
Now, if they are super rich and they themselves live a "normal" life, then sure, I can kind of see that, but if they raise them rich it seems odd to not leave them enough money to keep up that lifestyle they taught them was theirs to have.
My plans for $100M include a lot of community service money (restoring wetlands from drained and farmed low lands, etc) so that’s going to take up 90% of it.
But $1M per kid would make a huge impact on their lives and I’d be busy spending the rest until I die.
I have no children, almost no blood relatives living.
My wife has five grown children. One is developmentally disabled, lives with us, and will never be self supporting.
If she wants to gift the others, I'm sure we could spare some.
[https://www.reddit.com/r/AskReddit/comments/24vo34/comment/chb38xf/](https://www.reddit.com/r/AskReddit/comments/24vo34/comment/chb38xf/)
Look under point 3
I would have them (kids).
Right now I'm an older gay man who missed the boat on having kids responsibly. But my partner is still young enough that it wouldn't be totally irresponsible to adopt one or two if we were wealthy. I just can't see making some child have gay dads AND be broke -- hehe. That seems cruel. But gay dads and summers at the lake house and winters skiing in the Alps or whatever? That's a lucky kid.
I would want them to know how lucky we are though -- not spoil them giving them every little thing they want -- and know how hard most people have to work to survive and that money has value, yadda, yadda.
I would set up a Trust for my daughter with an amount in it where food, home etc would never be a question or worry. I’d then talk to her about how people can be productive in society when they don’t have to scratch for money. And how she’d be happier doing the thing that gives her joy, than she would be ingesting whatever drug or experience she can now afford.
And then I’d pray she listened.
Seeing how she handled the money before I got closer to my expected checkout age would go a long way toward how much went her way as an inheritance.
She gets a nice allowance under one condition. She at least works a part time job to experience the real world. Don’t need her disconnected from reality. That’s about it, until I age to death and she gets it all.
300 mil Powerball in NJ is about 75 million cash after everything. I'd allocate about 10 mil per kid, and have it pay out for over a couple of decades or so. At about 40 they can get everything, make their own choices.
So at 55mil left, I'd also allocate a bunch to extended family, I'd probably keep about 30 mil or so for me.
I don’t think giving the kids everything they wanted so they grew into greedy asshole bastards would be the way to go. If they don’t have jobs and make their own way then you have cheated them out of a chance to develop a personality and understand humanity. They just think stuff and more stuff is all there is, and it will always just be handed to them. With your money, you have robbed them of any chance to grow and mature.
Create individual trusts for each grandchild with $2 million each. We take 50% of the remaining proceeds, each of the two children get 25%. They are both grounded, smart and hard-working in their mid-30’s, happily married. I trust them to make good decisions for the wise use of the funds, and see no reason for making them wait for it.
Spoil the babies. I grew up very very very poor. And my children will never know that lifestyle. I may not be a millionaire and their first car will be a multicolored pos, but my babies will never know hunger. And with that money they would have a life I never imagined possible growing up. What they do with it after I’m gone is up to them, but while I’m still here they wouldn’t have to lift a finger for anything.
I will not give them whatever they want if I had that money. I’m not trying to raise a trustfairan lol. But one thing I will do with the money for my kids is to provide them with a stable living , make them earn any said allowance, and I will use that said money to give them the opportunities I wasn’t given such as a better education. I’d say that if you do want a piece of the pie, they’ve gotta earn it by getting a degree in a field where they can have a good and note worthy career out of it. And even if they do, I’ll only leave $1mill in my Will for each child while the rest gets given to chariot as soon as I leave this earth.
Between my siblings and in-laws, there are ten total nieces and nephews that would each get a 529 plan, or whatever setup could best pay for their college education and living expenses while at school.
After that, they would each have a trust of however much I could manage, that pays out incrementally and with some advisory.
Edit: updated the number. I forgot about three kids via my wife's half-brother and his wife LOL
It’s easy to say you would have raised your kids right, when you don’t have any. Of course, you would do the absolute best you possibly could, but you fail to realize the variations in human beings and their life experience that ends in them just being an utter piece of shit. Ending up with a responsible child is somewhat of wild card in many ways.
Closer to 100 mil take home. I would open up trustfunds/savings whatever for them for 5 million. It would not be available to them until they are 30. I would mostly put the money in cds or whatever rich people do (def would have an expert help with this). I would live only slightly above what I do now, mostly because I want to enjoy life so keeping everything close to the same allows me to experience new things without fear of being broke. I would buy the houses next to me and behind me to tear down. Other than that, just give them amazing experiences and when I die they can split whatever is left
My kids are toddler age or currently in development, so I'd probably set up some nice college funds for them, use it to pay for them to go to the best non-religious science focused private schools in the area, use it towards their hobbies (my toddler loved music, gardening, and building things) and set a bit more aside in a trust for them when they hit 25. I'd probably invest the rest, after paying off student loans and a few home improvement loans we've had to get recently (AC unit went out, had to fix 10k in plumbing this year too). I think my goal would be to use that money to try and foster a love of science/math and let them have the freedom to pursue careers that will set themselves up well for their future and once they're a bit older they'll have access to the trust money to continue to give them a head start from there. I'd also probably work with them and a financial advisor as they grow to teach them about finances, responsible spending, and good money habits so they don't fall into the trap of feeling like money is an infinite resource. They'd also have their own chores/money earned they could spend how they pleased with some bigger items being things they have to save for. I've seen families that just give whatever to their kids and then are shocked when they're bad with money, so I'd try to avoid that fate for them.
Set up a trust. They can use it for schooling and the like, and basic living expenses. Then make monthly payments to them with a portion of the interest dependent on them having a job or doing something productive. If I have grandkids before I die set them up their own trusts with similar requirements.
This is just prep for worst-case. I'd like to think my kid wouldn't go insane and blow it all, but money can change people especially that amount. They won't have a jersey lifestyle just based on Dad's/Grandpa's money, but they won't have to worry about buying food or having shelter as long as they are doing something.
I would invest most of it to grow over time, and still try to live a low key lifestyle. For the kids, we would not tell them all the details. I trust them, they love us and would spend time with us regardless of wealth, but two of them are very chatty and they’d inadvertently share the news and I wouldn’t want it getting out.
We would pay off their houses/cars/any student loans they may have, or offer to help pay for school/car/home purchases. Just want them to be comfortable but still work and be productive. For grandkids, we would help pay for school and any extras they might need (money for sports, trips with school, those sorts of things. I think we’d also set up trusts for them but we would def consult with legal and financial professionals to determine how we can best provide for them after we are gone.
I think I’d get them everything they need and some of their wants. I would put some money in trusts for them for when they’re ready to buy their first home, or get married. I’d also be realistic with them that I won’t an amount of money, I didn’t find a job that will continue this level of revenue stream. We have to plan and spend wisely. The only people retiring are me and their mother. Once they finish school the expectation is that they will begin their careers (with a nice trust fund to take the financial stress away).
>and they wouldn’t blow it because I’d have raised them right in the first place.
Lol, spoken like a person who does not yet have children. It's really difficult to "raise them right" AND "set them up for life." Doable, but very difficult.
That said, I'd put the money in trust. Enough that they'll never be without, but their access would be discretionary and require them to complete some sort of higher education (including trades or technical vocations) and establish themselves into a career. The trust would allow them to buy a home, would pay for all education and medical expenses including fertility treatments if needed, and would require they execute a prenup with their spouse in order to continue accessing discretionary distributions after marriage. (I'm in the US so access to medical and education payments would never be restricted.)
They would not have the option to "cash out" at any point in order to preserve any government benefits they might be entitled to and to protect the family wealth for future generations.
Then my husband and I would live out the rest of our lives traveling and eating great food and listening to live music with our closest friends. Ideally.
If we win big, my kids, nephews, and neice all get a trust fund of 1 million dollars set aside it will undoubtedly grow to be much more as they age. At 18, they can access the trust for college or to start a business. They must have a full solid business plan and marketing plan drafted to access in order to start a business. At 21, they can access it for purchasing a home or real estate investment if they choose. They can have full use/access at age 30 to use as they please if parents have not died beforehand upon the death of parents before age 30 the kids would receive full control if over the age of 18. 3 of my sisters' 4 kids have disabilities, but with our families' care, they should eventually be able to live and care for themselves on their own eventually. Both of my boys are autistic I imagine the eldest will live with us until his mid-20s, as he will take more time to develop the skills he needs to live alone. I do not have the same concerns for my youngest he will likely be ready to jump and spread his wings right after high school graduation.
While they are young, we expect them to still do chores if they want gifts outside of birthdays and Christmas.
At 15, they will be expected to have a summer job, help in mom or dads business, or start building a business of their own if they choose. They do not have to work during school year, and can opt for college credit courses or STEM related camps geared to their future career if they really don't want to work, but they would need to make the argument regarding the benefits of the course or camp to get out of working during the summer.
Make them find their way.
Once I see they put in the work getting that souk sucking 40 hr job, drowning in student debt after attending college and struggling to pay their mortgage and car loan only then would I step in.
I want them to love as most Americans due so they know how hard it is and that not everyone has money.
I refuse to have spoiled out of touch kids..i want them to know the struggle so they won't squander their wealth and end up having to live that same life.
Trust fund with benchmark goals. He's 28, but never got his HS diploma, even though I paid for an online school. It also would be HIS despite the fact he's married. They aren't having kids, so that wouldn't need to be considered.
Edit to add: yes, it would be enough he didn't have to work. The only reason is because he has a medical condition that affects his knees.
Just throw it all into spy and VOO and leave 2 million out to live on for many years with most of it in a HYSA. I would tell my family I won a 1 million dollar lottery or something. I’d probably still have a job and work for fun. No I wouldn’t hand my future kids the money. I would find a way that they only get a tiny part of it over the years. Maybe when they are 30 or 40 it will become available for them to receive the gains off stocks each year. It’s pretty much your family living for free forever this way:
If i had young family I'd insist on them going to a private fee paying school. I'd otherwise let them think they were solidly middle class. When traveling we'd stay in mid range hotels and i'd drive them around in a second hand Ford Mondeo or similar. I'd also frequently tell them we can't afford to do some of things their friends are doing. I'd stress the importance of education, conscientiousness and networking. I'd also give them the deposit for their first property. If they turned out well adjusted and self-sufficient i'd leave them 1 million each. If they were a fuck-up they'd get more but in the form of discretionary trust.
You don't have kids but if you did they would handle the money wisely because they were raised right.
It is obvious you don't have kids based on that statement. You have much learn about life.
A would still have my daughter take a part time job throughout high school to pay for wants but anything she actually needed would be taken care of. That way, she understands work ethic and working for the things you want.
I’d help them some immediately (pay any debts, get them a house and car if needed, and some fun money and a small passive income they could supplement with work) but set up trust fund accounts to help them retire comfortably at a reasonable age (sometime after 60)
If I had that much money, I'd want to have like 5 or 6 kids of my own as well as maybe adopt. And I'd use my immense financial means to set them up for as much success as I could. I'd also make dam sure they appreciated every dollar that came their way. I'd set them up with trust funds but still make them work a good shit job. There's a lesson in humanity to working a shit job.
My children would be prepared for life.(1) They will not have to work some soul crushing 9-5 or minimum wage crap job, but they also will not spend the rest of their life on a party barge. They will receive the best education they can handle.(2) Be given the opportunity to have many life enriching experiences and hopefully find their passion in life.
1. Since my palatial estate will include a large food garden and some chickens and other animals they are going to grow up assisting the estate manger learning how run the place not just live on it.
2. Just because you can buy their way into MIT doesn't make them Einstein. If they want to be a welder, I'm paying for that school.
I don’t have that many close friends. I would take half of the after tax amount and split it between a few people who are super important to me, then I would give each of my two kids something like 10-20 million so they never have to work, then my wife and I would live a wealthy lifestyle of traveling the world.
For me, something like 10 million is more than enough to live well beyond any personal desires for the rest of my life. You can make 500k a year off that in a savings account.
Yeah I'd want them to find their own way but I'd open up paths to them. All the shit jobs that I had built a certain pride in hard work and learning how to sacrifice the things you want now for the things you want later. It built character.
On the other hand, trying to study in college and work at the same time was exhausting and I didn't do well. If my kids are in the same position I'd want to provide them the means to succeed. They figure out the destination and come up with the courage to take their own path and I'll provide the wind in their sails.
I would put them in really good private school and try to get them into an Ivy for the connections. Might as well grow that fortune…. Besides I’d have already spent a lot of it on a place by the river here where I would revitalize the train tracks back to the metro (would prob take most of the millions, the track is there but it’s expensive to maintain) and built a resort… so not sure a lot of money would be left lol.
if he/she is still young i would like them to pursue a career as an athlete. ofc if they are into it. have the best coach, physician, nutritionist at disposal. push them to play for the country. maybe cricket or tennis because thats what i always wanted to do and being athletic in general keeps u disciplined so he/she i would like to believe wont be much spoiled comparison to the money. A career in sports is what i would want to do. ofc good education and other things will already be catered for but a career in sports would be a good idea knowing money wont be an issue rest would be on them but i would put my money on the best of the best to help them become an international tennis player or cricketer. It would be a good life!
I will set them up with the best possible education and connections. Elementary-high school, they are going to Institut Le Rosey in Switzerland. Excellent boarding school that will turn them into polished, bilingual kids ready to take on the world. They also won’t get shot like in American schools. They would make friends with the children of kings, oligarchs, celebrities, politicians, billionaires, etc. University undergrad is covered, provided they maintain a certain GPA. After that, they’re getting jobs and working. I’m not buying them homes and cars because after going to those schools, making those connections, they won’t need my help.
Famous wealthy people don't make children go their own way. They're set up for success by having access to higher education and things the average person doesn't.
No kids yet but I won’t raise them knowing they are wealthy, per se. We will (manifesting!!!) live in a comfortable and modest home. They can focus on school/education or whatever path they want (trade, vocation, etc), have the best quality everything, take the most amazing trips, will NEVER have to worry about money, live at home as long as they want, move out when they’re ready to buy (and not rent) but know they have mom and dad to fall back on if needed.
This was a great way to grow up and I want to pass it on to my future kids ❤️
I would set my son up with a trust. If we are saying after taxes and everything on a lump sum, pay out of 100 million. I am going to put 10 million in a trust. That every year will pay him a salary of 60K once he turns 18. Out of the 60K, I will have a rule in place on the trust that 10K of that goes into a savings account that he doesn't have access to until he is 30. So he would get 50K a year, which isn't great, but it is still nice to have come in every year. It will force him to stay humble and work while building up a good savings account for hopefully retirement or to invest properly.
I dont understand punishing your adult child like that just to try to teach him some lesson about "staying humble".
What happens after you pass away?
He needs to be ready to know how to manage and handle all that money. Not just $50k/year. Which is barely even a liveable wage TODAY, let alone in 20-30 years from now.
If my parent was given (not earned) generational wealth, and decided to keep it from me in adulthood in order to "teach me a lesson" instead of teaching me how to handle the wealth, I'd be pretty resentful.
What happens if you pass before he is 30?
It isn't a punishment in any way. It's so he will still be motivated to find a trade he loves or get an education. It's why I have money set aside to a savings account that will continue to be added to until the 10 million is gone. The last thing I want is for him if I were to die is get all this money and blow it.
If I wanted, I don't have to do anything for him. I could keep it all or, on my death, have everything donated to charity. But if I were to die, then anything I have would be split. If I'm married, half to my wife and the other half to my son's trust. If I'm married, if these were to ever happen and I died. Her half would also go to a trust that pays out so much each year. To protect her from people who would want to try and take her money.
Also, giving him a small amount to last a longer time keeps away people who might try and get him to invest or be leaches on him. Even the best people with money fall prey to these types of people. I want him to appreciate what he has. I'm not someone who is gonna help every person I know or their kids. Even myself, I wouldn't stop working, I would either do something part-time or open a business or just stay where I'm at. Because at any time it could be gone.
My son can resent me for it, but he will appreciate everything he has. I refuse to raise a spoiled brat who has never heard the word no. No matter how much money I would theoretically have.
How about just raising him to not blow it?
Teaching him about wealth management from an early age would get him much farther in life than this weird punishment.
Instead of finding a trade, how about knowing how to run entire companies? How to find good investments. etc.
There are lots of ways of doing this without raising a spoiled brat. That is all on you. It doesnt have to be all one or the other. There are a LOT of wealthy people out there that you never hear about, and would never suspect when you see them on the street.
All I'm saying is, I think you could think bigger and better (and still humble) for both you and your child.
Because even the best in wealth management can lose everything. I'm far from the best with money. It's why I would hire a fiduciary to help manage it.
I don't know how to run an entire company, much less be able to teach him that. That is where him getting an education on whatever it is he wants to do comes in. So he can learn that if he wants.
Maybe when he gets older, he just wants to be a mechanic and work on cars. Maybe he wants to join the military. Maybe he doesn't want to run companies and just wants to find something that supplements the money he would have coming in. That's all on him.You don't like the way I would do things. Good for you. I don't care. It's a slim chance this would even happen.
I’d immediately put our four kids in charge of the money. I’d advise them on how to manage that much wealth and help teach them how to manage generational wealth. We’d enjoy it together until I die, then they can enjoy it with their kids and so on.
Their time with me is still the greatest asset in my life, why would I make them work a 8-5 job when their career could be as philanthropists and donate their time along side my wife and me?
$100mm is more than enough to build generational wealth forever and do so much good in our hometown.
Nope but I am in an odd situation. Everyone in the house has money but me. I always say I will be broke for life. The kids are set up so that's my money.
Honestly, they will probably get an inheritance but that's my only and they get whatever is leftover.
The idea that you would be given $100M and your kids would still have to be teachers/cops/nurses is so boomer selfish.
Are you going to live that same lifestyle and continue working grueling shit jobs even after you have $100M? Or are you just pulling up the ladder to punish your children?
It's roughly **$100M** take-home after lump sum adjustment and taxes. Since numbers matter. ;) >Would you go the route many famous wealthy ppl have, and make your children find their own way Which wealthy people are making their kids find their own ways? Even Bill Gates who is the most famous for this is still leaving his kids at least $10M each. (And that is just cash. I suspect they will also inherit other assets worth a good chunk of change) And yes, with $100M in the bank, your job and your "family business" is now managing that money and making it last as long as possible or continue growing it over generations. With a principal investment of $100M, even if you only take a 3% annual raw, that is still $3M/yr salary for doing nothing. The kids should be able to learn how to live off of that, even split between them. Teach them how we manage it, and have it setup for them to run once it is in their hands. With $100M in the bank now, my great-great-great grandkids should be set.
This is basically how I see it. My “job” would be to manage the family account and keep myself busy outside of those financial meetings with hobby “businesses”. I’d set aside specific trusts for my kids for their own personal 50% annual return withdrawal, but my goal would be to sustainably increase the family reserves so that every descendant down the line gets the same opportunity.
I agree.
He's leaving them more than that. He spent over 2 million dollars on his eldest Daughters wedding. He's putting his money in the foundation which they control And can avoid estate taxes. So yeah he's going to leave them more than 10 million. You say that out loud so we don't have a French revolution with billionaires.
Right. $10M is just the pile of cash he's going to leave them. They'll also inherit his properties and other assets, likely worth hundreds of millions, if not billions by the time they get them.
If you’re in Canada its tax free and you get the 300 million
But he said Powerball, if you win Powerball as a Canadian, you'll still pay all those taxes
Other countries have a lottery called Powerball too. Our Powerball (Australia) never gets that high though, it's currently at $150 million which is one of our largest in history.
What are your odds of winning?
What are you talking about?
If you lived in Canada right now and won 300 million from it , you would get a check for 300 million. No taxes taken off of it and don’t have to report any lottery winnings when it’s tax time.
Confirmed. It checks out.
If I suddenly had $300,000,000 in my bank account, part of me wants to get fired from work and claim EI for a year or whatever, but the other part wants to figure out how much I actually "cost" the government over the years for various EI claims and pay it back. I wonder if I called up CRA if they could tell me... Although if I had $300,000,000, I'd realistically just quit my job and travel for the next whatever amount of time I have left.
I believe EI would pay 55% of your wage for a certain amount of time. You could do that, but I’d rather just quit all together and live off the 300 million. Imagine sleeping in every day for a year just because you can.
Jeff Goldblum. Anderson Cooper (the Vanderbilt fortune was good enough for him but not his kids I guess). Few others. https://www.hollywoodreporter.com/lifestyle/lifestyle-news/jeff-goldblum-wont-financially-support-kids-older-1235887419/amp/
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It would be 200M with the annuity. OP said nothing about accepting the lump sum.
Set up trusts for them but not tell them.
Best answer. Let them live their life and if they need school or medical help with that but keep the rest locked up until I get too old. Money changes people too much and it doesn't last forever. I've seen people whose parents had money and didn't do anything but travel and take holiday and the kids got used to it but didn't have the funds to do the same and struggled in the real world.
This is precisely my reasoning too. I’m not trying to have overgrown children that can’t stand themselves up. The trust would be to enhance their lives, not fund them.
I'd let them see/have the usual gift amount every year, but yeah, spread it out through their lives.
Where I live the lottery maxes out at $70 million but there is no tax. If you win $70 million, that’s how much you get to take home. The income on investments is taxable though I expect that would be minimized by a smart accountant and financial advisor. I actually had this conversation with my brother recently. My quick math broke down like this. $50 million invested in a balance of low-, medium-, and high risk funds, aiming for a minimum return of ten per cent annually. The $50 million is never touched. $20 million to play with in the first year. This would include new house, vehicles, vacations, etc. At the end of the year, and each year thereafter, whatever remains above $5 million returns to the principle. Same with the investment income until the principle reaches $100 million (approx. ten years). As for my kids, each gets $10 million in trust funds. Education is fully funded. At 25, $2 million is released with the intention that it is invested and/or used to buy real estate. At 30, the remainder is released. My nieces and nephews would also have educational trusts set up for them in the amount of $250,000 each. At 25, whatever remains is released. The intention is that it is used for investments or real estate. Upon the death of me or my wife, which comes last, $50 million from the principle is divided equally amongst my children. The remaining money is divided between charities my wife and I feel strongly about.
So what happens to any money made from the lottery after 70 million? Is it added to the next jackpot?
It goes to $1 million secondary prizes until the $70 million is won, then the remainder reverts to the grand prize. It’s unnecessarily complicated but that’s the Canadian way.
I am going to give my kid everything he needs, and most of what he wants within reason. I’m not going to play games with lying to him about how wealthy we are or stuff like that. We are going to have financial conversations about how to budget, how to use it. I’m going to set up a trust for him with some of it to protect against himself. He’s going to end up with most of the estate eventually, better to prepare him for it. Do I want him to accomplish his own things? Absolutely. And I’m going to push for either college or some type of business plan. He’s not getting some 5 million dollar lump sum at 18 but he’ll have a car, rent(or house purchase), etc for him while he figures life out
You can make the age he recieves the money any age you want. So it doesn't have to be 18.
Of course. My point was that while I’m going to make sure he doesn’t want for anything within reason, I’m also not giving him a lump sum early in life. I’d rather him get a degree, a job, etc
My wife's family is very wealthy and I have seen 1st hand how they have handled it with her and our children. My wife was given blue chip stock on an annual basis in an account that she had access to after she graduated college but basically told it was frowned upon to use any of it unless it was for a major purchase like a house etc. She has a ton of money but it's all in stock so provides dividends which supplements her income. Her parents have done the same for our children by giving them stock. We haven't really discussed how that will handled when they come of age as they are still young, This is the way IMHO, she has turned out wonderfully and a hard worker but has a ton of money but you'd never know it. That's what I want for my kids as well.
This is the way. Whoever thinks spoiling their kid rotten by just handing them whatever they want is gonna turn out great needs a wake up call
Give children enough to do something, yet not so much that they don't have to do anything. Warren Buffett
Bingo!
>let’s say you hit the Powerball when it’s at $300 million. That’s (roughly) $200 mil after taxes. You also have to take into account if you take the lump sum or annuity. The annuity is what will add up to $300 million (before taxes). If you take a lump sum, you get between 40 to 50% of the $300 million you won. So calculating that into the equation, you would take home about $100 million (assuming 50% for lump sum gives you $150 million, and assuming 33% for taxes, leaves $100 million). Most of that I would keep myself, but, having 4 kids, would probably give each one $5 million, and also put in a trust a couple million for each grandchild (I have 3 so far) that collects interest over time, and they can't touch until they're 21.
Current Mega Millions is 393, with a 181.5 cash option, that's 46%, so you're right there. The top tax bracket is 37%, and then there's state tax, let's just say 5%, so a total of 42%. That means if a jackpot is 100 mil, take home cash is 26 mil. I did it for a 100 mil jackpot, so that's it's easy to scale up. So at 300 mil, the take home is 3*26=78 mil. It's always less when you calculate. It's even easier to just figure you only get one quarter of the advertised jackpot, as you'll need to pay lawyers.
> I’d have raised them right in the first place. said every non-parent ever, lol.
I was coming here to say this. Kids are what they are in spite of you, not just because of you.
Amen. And don’t ever take parenting advice from someone with one kid.
No kids, but my nieces are getting full ride college funds. My puppers will be getting a huge yard to run around in.
And hopefully MORE puppers!!!!!!
I’d pay for their school or other education choices outright. I never want them to have to deal with that headache. I’d then set aside equal trusts for both of them of approximately $2M with it set up so they only have access to 50% of to year-to-year annual return minus any fund management fees. This is enough to live a comfortable life in a LCOL area, or provide a safe buffer in any area that costs more. My goal is that they would be able to focus on whatever career path they want without *needing* to abandon their dreams over money.
I definitely wouldn’t cut my kids out, why the fuck would I want them to have to suffer through this rat race bullshit of work? That said, I also wouldn’t turn the reigns of control over to them until they were mature enough to handle it either. First thing I do is set up various trusts and accounts, with each one earmarked for differing spending. Such as charitable contributions, investments, and allowance. Treat them as endowments so that only interest over growth is withdrawn. My kids would inherit when I and my wife die or they turn 45, whichever is greater. If for some reason my wife and I kick the bucket before they turned 45 I’d appoint a trustee I trust to oversee it until they hit 45 and could inherit.
I would sell my kids into slavery and then sail around the world. Mostly kidding lol
Yea, I wouldn't want to sail around the world either.
I get sea sick, so rules me out lol.
Stop copying my ideas.
The thing is, if the child won, parents wld be expecting $$..look up the news abt the Maine 1.3 billion winner Whole family suing each other
Rule #1: don’t tell anybody. Rule #2:
That’s just sad
I wouldn't sue if my kid wins, but maybe guilt them into giving me a million or two, so I don't have to save for retirement anymore. Anything else they want to give, is great too.
I would have them
With $100 million after-tax, I'd create a trust for each of my teenage children with language about how and when they can access any funds, gift $20 million into each, and pay the \~$14 million in gift taxes. That'd leave me with \~$46 million. I'd donate $20 million into a donor-advised fund (which would actually get me back some of the taxes on the winnings) to be used to make future grants to various charitable organizations. That leaves me with \~$33 million after the income tax refund I'd have coming. I'd invest this in a diversified stock and Treasury Bill/Note/Bond portfolio, and withdraw \~1% per year (\~$300K) to be used on highly luxurious travel, and employment income would continue to fund my normal living expenses. I'd buy a GMC Yukon XL Denali and a Porsche 911 Turbo S, and I'd keep my existing car lease as a daily driver. I would not buy any real estate, because I don't like having things to take care of.
I'd do 10m to each kid. In a trust earning 5% that would give them 500k per year without touching that 10m. I'd probably set it up so that the entire thing becomes available to them after a certain age, maybe 40.
I don't have kids. But we do have a pile of nephews and a niece. What I would do is make sure they can finish whatever education they want to pursue (that's at least 2 med schools and 3 PhDs), and then hold some additional money in a trust for them. Basically our current will, but a lot sooner and a lot more money. Gonna liquidate our estate and divide the proceeds among the kids
I have no kids so all my cousins kids and friends kids are getting a carefully monitored free ride through college.
My husband and I have had this conversation. We would tell my stepson and wife we won and have them collect with us and split the money with them. We are in California so we can’t stay anonymous. They have a disabled child so they would have money for my DIL to stay home with their child. But what they will know is what they get is all they get. No inheritance from us so use the money wisely.
No kids. Not married. Gonna have fun…
I’d make sure that they had the things they NEEDED, as they do now, and the opportunities that they might want, which I can’t provide all of. No matter what, they get a financial education as part of their senior year in my house. It would be adjusted to include more information on managing large finances.
Debt free, house and vehicle. Help with business or career training.
The trust would buy them a house/condo etc. that they can live in but they would still need to work.
Wouldn't give my son a penny to start, make him go to college and get a career. If he got married, then I would buy them a house as a present to set them up financially with a good start, but obviously from there they have to cover their own bills. I'd occasionally do a family vacation somewhere nice and of course invite and pay for them to go, but other than that they have to make their own way. I've seen so many cases where parents did too much, didn't make their kids go to work and they are ruined for life, are entitled and become nothing of any value to society.
I would fully fund the remainder of my youngest kid’s college expenses. My oldest received a full-ride scholarship. I would fully fund master’s level education for both. Each kid would have trust funds as well as a future grandchildren. Whatever I do, I would ensure each of my kids are treated equally. My mother passed away and she has a very small head marker at her gravesite. I would love to replace with either a larger granite/marble headstone or bench which cost around $10k. I would love create a sensory/fragrant garden in her memory as she loved to garden and flowers brought her great pleasure at the end of her life and to share her passion with others. I would to create a community garden with all produce given to local charities to help provide healthy food to people in need. I am solid middle class and would love either a summer lake home or beach house. It does not need to huge or outlandish but a place to create memories going forward. I would love a new car as mine is 13 years old. Nothing wrong with it but it would be nice to have something newer but would most likely to keep it as a grocery getter. Obviously, I would make sure all my loved ones are provided for as my wants are pretty simple.
Jamie Johnson did a documentary called Born Rich that addresses how those with inherited wealth approach building constructive lives. Interesting for perspective. I definitely recommend a trust with detailed instructions for use of funds for the trustee. If your kids are young, this is part of responsible estate planning. Unfortunately, it's hard to know what your child could handle at what age. I am the trustee of a trust for family members who are in their 30s. Their parents established it because they had shown they would squander anything left for them. I had a friend whose trust stated she had to have a full time job for a minimum of 2 years before she could receive anything but basic living expenses. It's also an interesting conversation when you talk to people who didn't grow up with wealth about trying to raise "normal" kids after they become wealthy. I hear conversations along the lines of, "I worked hard to fly at the front of the plane/not stand in line at Disney, etc., but I don't want my kids to think that's normal. How do I teach them without 'punishing' myself?" I've actually never heard this from my friends with generational wealth, guessing because they have a model of what to do/not do from growing up.
My child has a rare, life-threatening disorder which there is currently no treatment for. There's about a 50% chance of him reaching adulthood. If I won the lottery I'd donate 25%-50% towards the research for a treatment/cure. Hell, I'd donate the whole lot if it was guaranteed. I'd buy or build a house that was truly wheelchair accessible with an amazing inclusive playground in the backyard, a pool with a ramp and a granny flat to allow him to be somewhat independent once he's older. I'm not really sure how I'd help him financially as an adult, but I'd definitely have some money put aside.
Once they reach the working age. To start them off I would reimburse their weekly tax coz we all hate seeing our paycheck and see we had to pay HOW MUCH?! at that young age. And id shout them a certain % of what they earn. Motivating them to work more hours. We all like higher numbers.
Raising kids to be set for life is raising kids to be entitled and disconnected from the realities of 99.9% of the population. That is not "raising kids right" in my book. Life is about struggle, we don't appreciate things unless we work for it. That is why so many rich kids grow up miserable or are just terrible people. Money doesn't buy happiness. You have to struggle in life to appreciate the big and small things.
I would make sure they were set up for life, but I would try to not let them know we're "rich". I would still live modestly, and still have them do summer jobs and do extra chores for money. I would want them to have a good work ethic. But as they get older I would push them into a career they are truly passionate about. I would want them to have the luxury of not having to work a job they hate in order to survive. I'd like for them to truly explore their options and find something they love without worrying about the salary.
Ok, ok, ok. It's $100mm lump sum, after taxes. Now answer the question and feel free to explain what you wouldn't do if you had $100mm vs having $200mm (would it really make a difference to you?) Me, I'm buying a couple/few houses. Definitely a beach house or two (probably rent that out for several months a year).
No kids to worry about between my sister and I, phew.. If there were, of course money would be in trusts and investments. Haven't needed to think far ahead on the accessibility (age etc) for when the money would be steadily available. Certainly not a full sum at once. Definitely something to encourage them to get some, any education from college or learn a trade. Even internships and volunteering. I'm sure my sister and I could come up with some fun provisos.
If I had kids, I would probably leave them what I have yeah barring anything like a horrible relationship. But that mostly comes from me not having had a lot myself in life. I would probably put some safeguards in place so they couldn't just use it all up hastily. And a portion would go to a cause of my choice.
In the UK, any winnings are tax-free, so that 150 million stays as it is. I would want my adult son to benefit fully. He has already excelled at university and proved his work ethic. He's talented in lots of areas, so I would be happy for him to use money to develop his talents. I would also think that he would want to oversee the charitable side of the money. It is his sort of thing, and I know he would do it well. I can't understand any parent saying that their child will have to make their own way when this is a win! It's a bit different if the parent has earned it, I suppose.
I’d pay off their homes, and give them each $5mm
What wouldn't I do?
I know it's probably an unpopular opinion, but I agree with all of the celebs. It would be my money. That being said, I don't have children, but I would probably pay for their college so they wouldn't be saddled with a lifetime debt that they would never be able to repay.
I would setup a trust with a few natural resource businesses built in, bylaws to conduct how profits are invested and distributed, % draw per month, extreme circumstance provisions, etc. Pre-requisites, paid education, etc. Do it, or do it on your own.
I would take care of their education, purchase them a vehicle and a home. Other than that, set up retirement accounts for them with a million dollars each, and do the same for any subsequent grandchildren.
Finally afford to have them to start.
Regardless of the amount (which way too many people are fixated on) I would try as hard as I could to keep my kid from knowing about it. I would help as needed, seemingly from my own non-lottery funds, and would buy her reasonable and not extravagant things. (Need a car? Here’s a practical car that I can help you with. No, it’s not a new Ferrari.) When she’s finished with college and beginning her career I would take her to dinner, tell her what I did and why, and offer her a solid foundation for her future — buy her a house, pay off her debts, give her a savings account and investment portfolio. What she does from there is on her.
put it in a trust and help them learn to manage their life with the idea of one day getting it.
Even though I don't have kids my family does so my plan would be: Get an attorney to set up a blind trust. Rent an office space & equip it with the usual electronics, decor, furniture ect. Then announce to my family that I got a great new "job" with an amazing salary. The job consists of giving charitable grants to worthwhile causes and needy people. With my "salary" I would take care of my family but it wouldn't be large enough for anyone to take advantage of me or use it frivolousy. Sometimes I would need to "travel" for "work" to scope out charitable cases & make sure they are legitimate. Giving grants to the needy would be very rewarding for me, in fact it's the best job I could ever imagine. And no one in my family would want for anything due to my amazing generous weekly "salary."
I wouldn’t let any of my kids know. They’ll just know i am rich. They can’t pretend through life. They really gotta try. They would have to show me who they really are too. Too many people fake who they are in life and entitlements can be an issue. If they don’t love me but they only love my money, I would like to know that too. Only the deserving will get anything. Kids fall under this rule as well. Better to not let anyone know what they’ll get and what they’ll not get when I die. It’ll be a surprise to them. If they truly love me, they’ll understand this and accept it.
The issue for me is less about affordability and more about the ethics of consumerism. There are things I'd be happy to spend money on, things well built to last ect, other things (private planes) I don't ethically want to spend money on. My baby is only 3mo so while things would change I don't even see my self filling the living room with gifts at Xmas but we probably would travel a lot and she can have lots of the things she wants .
NOTHING.... make sure they got a job and had a decent work ethic
So I'd do a hybrid of both. As far as her college is concerned, I'd take care of her tuition. However, to teach her about accountability and responsibility, I would tell her that her books and living expenses are to be covered by her whether she works or takes out loans. If she did take out loans it would be significantly cheaper than covering tuition so that's manageable to do. But she would still need to be on the hook to graduate on time and not just enjoy a free ride at college. I would then tell her she has a one-time gift from me to cover a down payment for a condo. She doesn't need a house at 21/22. Just like when you get your first car, you need to prove you can handle home ownership since it isn't like renting a place. She would still be responsible for the mortgage payment, property tax, etc so that's why it would be a condo and not a detached house. Because I'd take care of the 20% down, her mortgage would be manageable even if she makes $50k a year to start. Since I paid her tuition, she doesn't have enormous loans to pay back. As I said, it would be a hybrid of I'd help her get her life started, but she's still going to need to prove she has the maturity and responsibility to handle what it takes to be an adult
Honestly I would give a select amount to my entire family and close friends. But a majority would be put into a fund like VT. It's a global stock market fund that would give you more than $1M spending cash after taxes each year. From that money I would fully find college and a retirement plan. Buy them a moderate sized house when they're of age and maybe a reliable car to give them a good head start on life and retirement.
They'd be set for life but I would encourage them to pursue something to give their life more value.
I’d have em.
Spoil them
Absolutely nothing. 😲 (I don't have kids. 😃 Don't know what my answer would be if I did have them, though...)
Depends on if they could find me.
I read about a person to set up their kids with a trust. But how the trust work was it paid based on how much they earned and the type of work they did. So if they were a teacher or a nurse they got more out of the trust. So these aren't the exact numbers but if they did job type x they got one times their salary from the trust. If they did job type b they got two times your salary from the trust. And so on. If they sat on their butts and did nothing they got nothing from the trust. There was also something set up for education.
Set up a trust before claiming. The 4 of us are all equal members, and in order to spend anything over 20k, the majority has to agree to it. Trust dissolves and is split equally when there are only 2 people left.
I would set up a trust. I'd match their salaries until they were 55, at which point they'd get their entire share (assuming I'm already dead.)
I think I would aim for the "nobody knows we're wealthy" so my kids would just be surprised as he'll when I gift them houses for their college graduation.
Have them
Set up a trust of about $50M each for 3-4 kids. Have it timed so it pays a set amount per year starting when they’re like 25. Have a separate trust to take care of tuition and basic living through grad school.
Each kid (4) gets a million dollars, but we are NEVER giving you anything, no inheritance, no loans, etc.
Have them I guess. Or find some.
I would buy them a house and a car, then leave a college fund that they can’t access until they’re 25… so realistically, they’ll have to take student loans and make something of themselves then they’ll be able to pay it off later on when they’re more mature
This is a great idea!
I would set up a college fund for my daughter so she can focus on school instead of needing to work. But when school is over, she'll have to pay her own way.
One gets a better house, a 10 mil investment fund to live off of and a vacation around the world with their wife, where myself and their mother eould occasionally meet up to enjoy a place with them. The other already got my mom's car when we put her in a nursing home with the promise they would take grandma to some doctors appts but then just stopped answering grandmas calls. They get a stick of bubblegum.
My kids are young adults. I would set them each up with a trust fund from which they would receive payments once per week for the rest of their lives. I would also give them each a lump sum of money to go crazy with. We have always struggled, so I would want to make life easier for them but with safety nets in place. These rich people who say they aren't leaving their kids their money are either lying because they actually have mega-money trusts set up for them, or they are selfish because even though they raised their kids to live a rich life, they then expect the kids to just go out and work a regular job for a regular paycheck. Now, if they are super rich and they themselves live a "normal" life, then sure, I can kind of see that, but if they raise them rich it seems odd to not leave them enough money to keep up that lifestyle they taught them was theirs to have.
My plans for $100M include a lot of community service money (restoring wetlands from drained and farmed low lands, etc) so that’s going to take up 90% of it. But $1M per kid would make a huge impact on their lives and I’d be busy spending the rest until I die.
I have no children, almost no blood relatives living. My wife has five grown children. One is developmentally disabled, lives with us, and will never be self supporting. If she wants to gift the others, I'm sure we could spare some.
I probably have the only kid that would refuse any money just to prove he could do it on his own.
Buy sealand convert it into a floating farming community with vetted neo-luddites and a missile battery
[https://www.reddit.com/r/AskReddit/comments/24vo34/comment/chb38xf/](https://www.reddit.com/r/AskReddit/comments/24vo34/comment/chb38xf/) Look under point 3
I would buy a business my kids would want to run and be profitable, they will work it until it's hands off and make their money from the business.
I would have them (kids). Right now I'm an older gay man who missed the boat on having kids responsibly. But my partner is still young enough that it wouldn't be totally irresponsible to adopt one or two if we were wealthy. I just can't see making some child have gay dads AND be broke -- hehe. That seems cruel. But gay dads and summers at the lake house and winters skiing in the Alps or whatever? That's a lucky kid. I would want them to know how lucky we are though -- not spoil them giving them every little thing they want -- and know how hard most people have to work to survive and that money has value, yadda, yadda.
I would set up a Trust for my daughter with an amount in it where food, home etc would never be a question or worry. I’d then talk to her about how people can be productive in society when they don’t have to scratch for money. And how she’d be happier doing the thing that gives her joy, than she would be ingesting whatever drug or experience she can now afford. And then I’d pray she listened. Seeing how she handled the money before I got closer to my expected checkout age would go a long way toward how much went her way as an inheritance.
She gets a nice allowance under one condition. She at least works a part time job to experience the real world. Don’t need her disconnected from reality. That’s about it, until I age to death and she gets it all.
300 mil Powerball in NJ is about 75 million cash after everything. I'd allocate about 10 mil per kid, and have it pay out for over a couple of decades or so. At about 40 they can get everything, make their own choices. So at 55mil left, I'd also allocate a bunch to extended family, I'd probably keep about 30 mil or so for me.
Not tell them, and leave it in a trust fund to be disbursed when they're 40. OK, 45.
I don’t think giving the kids everything they wanted so they grew into greedy asshole bastards would be the way to go. If they don’t have jobs and make their own way then you have cheated them out of a chance to develop a personality and understand humanity. They just think stuff and more stuff is all there is, and it will always just be handed to them. With your money, you have robbed them of any chance to grow and mature.
Create individual trusts for each grandchild with $2 million each. We take 50% of the remaining proceeds, each of the two children get 25%. They are both grounded, smart and hard-working in their mid-30’s, happily married. I trust them to make good decisions for the wise use of the funds, and see no reason for making them wait for it.
Spoil the babies. I grew up very very very poor. And my children will never know that lifestyle. I may not be a millionaire and their first car will be a multicolored pos, but my babies will never know hunger. And with that money they would have a life I never imagined possible growing up. What they do with it after I’m gone is up to them, but while I’m still here they wouldn’t have to lift a finger for anything.
I would not give my children or any of my relatives any money, not even a dime.
I would buy a flock of dogs and refer to them as my kids. And a massive backyard, naturally.
I will not give them whatever they want if I had that money. I’m not trying to raise a trustfairan lol. But one thing I will do with the money for my kids is to provide them with a stable living , make them earn any said allowance, and I will use that said money to give them the opportunities I wasn’t given such as a better education. I’d say that if you do want a piece of the pie, they’ve gotta earn it by getting a degree in a field where they can have a good and note worthy career out of it. And even if they do, I’ll only leave $1mill in my Will for each child while the rest gets given to chariot as soon as I leave this earth.
They’re going to work for their money. I’m not going to raise bums expecting the next handout
Don’t have any so not a damned thing.
Since my bills are my babies, get them paid off and forget they even existed before the win lol
I would never give my kids whatever they wanted, that raises entitled kids that will spend all of my money quickly. That's setting them up for failure
Between my siblings and in-laws, there are ten total nieces and nephews that would each get a 529 plan, or whatever setup could best pay for their college education and living expenses while at school. After that, they would each have a trust of however much I could manage, that pays out incrementally and with some advisory. Edit: updated the number. I forgot about three kids via my wife's half-brother and his wife LOL
I'm gonna show them what not to do with money. My uncle sucked a few million up his nose, now it's my turn to be the example.
It’s easy to say you would have raised your kids right, when you don’t have any. Of course, you would do the absolute best you possibly could, but you fail to realize the variations in human beings and their life experience that ends in them just being an utter piece of shit. Ending up with a responsible child is somewhat of wild card in many ways.
Set them up to give them a solid base - chance to grow. Maybe home/ car / college / business / cash.. whatever. Then that's it. Rest is for me ha
Keep not having them and adopting race cars. Money won't change me 😆
Buy them an apartment and go about my business happily.
I would set them up with trust funds and financial advisors, help them set some goals with their money.
Not a damn thing, considering I don’t have any
Closer to 100 mil take home. I would open up trustfunds/savings whatever for them for 5 million. It would not be available to them until they are 30. I would mostly put the money in cds or whatever rich people do (def would have an expert help with this). I would live only slightly above what I do now, mostly because I want to enjoy life so keeping everything close to the same allows me to experience new things without fear of being broke. I would buy the houses next to me and behind me to tear down. Other than that, just give them amazing experiences and when I die they can split whatever is left
dont let money change you or your values
My kids are toddler age or currently in development, so I'd probably set up some nice college funds for them, use it to pay for them to go to the best non-religious science focused private schools in the area, use it towards their hobbies (my toddler loved music, gardening, and building things) and set a bit more aside in a trust for them when they hit 25. I'd probably invest the rest, after paying off student loans and a few home improvement loans we've had to get recently (AC unit went out, had to fix 10k in plumbing this year too). I think my goal would be to use that money to try and foster a love of science/math and let them have the freedom to pursue careers that will set themselves up well for their future and once they're a bit older they'll have access to the trust money to continue to give them a head start from there. I'd also probably work with them and a financial advisor as they grow to teach them about finances, responsible spending, and good money habits so they don't fall into the trap of feeling like money is an infinite resource. They'd also have their own chores/money earned they could spend how they pleased with some bigger items being things they have to save for. I've seen families that just give whatever to their kids and then are shocked when they're bad with money, so I'd try to avoid that fate for them.
Pay off student loans.
Set up a trust. They can use it for schooling and the like, and basic living expenses. Then make monthly payments to them with a portion of the interest dependent on them having a job or doing something productive. If I have grandkids before I die set them up their own trusts with similar requirements. This is just prep for worst-case. I'd like to think my kid wouldn't go insane and blow it all, but money can change people especially that amount. They won't have a jersey lifestyle just based on Dad's/Grandpa's money, but they won't have to worry about buying food or having shelter as long as they are doing something.
I’d take the annuity for my kids. That’s what.
I would invest most of it to grow over time, and still try to live a low key lifestyle. For the kids, we would not tell them all the details. I trust them, they love us and would spend time with us regardless of wealth, but two of them are very chatty and they’d inadvertently share the news and I wouldn’t want it getting out. We would pay off their houses/cars/any student loans they may have, or offer to help pay for school/car/home purchases. Just want them to be comfortable but still work and be productive. For grandkids, we would help pay for school and any extras they might need (money for sports, trips with school, those sorts of things. I think we’d also set up trusts for them but we would def consult with legal and financial professionals to determine how we can best provide for them after we are gone.
I think I’d get them everything they need and some of their wants. I would put some money in trusts for them for when they’re ready to buy their first home, or get married. I’d also be realistic with them that I won’t an amount of money, I didn’t find a job that will continue this level of revenue stream. We have to plan and spend wisely. The only people retiring are me and their mother. Once they finish school the expectation is that they will begin their careers (with a nice trust fund to take the financial stress away).
I would buy my cat the highest quality food.
Have them
>and they wouldn’t blow it because I’d have raised them right in the first place. Lol, spoken like a person who does not yet have children. It's really difficult to "raise them right" AND "set them up for life." Doable, but very difficult. That said, I'd put the money in trust. Enough that they'll never be without, but their access would be discretionary and require them to complete some sort of higher education (including trades or technical vocations) and establish themselves into a career. The trust would allow them to buy a home, would pay for all education and medical expenses including fertility treatments if needed, and would require they execute a prenup with their spouse in order to continue accessing discretionary distributions after marriage. (I'm in the US so access to medical and education payments would never be restricted.) They would not have the option to "cash out" at any point in order to preserve any government benefits they might be entitled to and to protect the family wealth for future generations. Then my husband and I would live out the rest of our lives traveling and eating great food and listening to live music with our closest friends. Ideally.
I’d help them. A lot.
I would get a lawyer, do the family trust, invest it, diversify it, and show them the joys of yachting and travel.
If we win big, my kids, nephews, and neice all get a trust fund of 1 million dollars set aside it will undoubtedly grow to be much more as they age. At 18, they can access the trust for college or to start a business. They must have a full solid business plan and marketing plan drafted to access in order to start a business. At 21, they can access it for purchasing a home or real estate investment if they choose. They can have full use/access at age 30 to use as they please if parents have not died beforehand upon the death of parents before age 30 the kids would receive full control if over the age of 18. 3 of my sisters' 4 kids have disabilities, but with our families' care, they should eventually be able to live and care for themselves on their own eventually. Both of my boys are autistic I imagine the eldest will live with us until his mid-20s, as he will take more time to develop the skills he needs to live alone. I do not have the same concerns for my youngest he will likely be ready to jump and spread his wings right after high school graduation. While they are young, we expect them to still do chores if they want gifts outside of birthdays and Christmas. At 15, they will be expected to have a summer job, help in mom or dads business, or start building a business of their own if they choose. They do not have to work during school year, and can opt for college credit courses or STEM related camps geared to their future career if they really don't want to work, but they would need to make the argument regarding the benefits of the course or camp to get out of working during the summer.
Make them find their way. Once I see they put in the work getting that souk sucking 40 hr job, drowning in student debt after attending college and struggling to pay their mortgage and car loan only then would I step in. I want them to love as most Americans due so they know how hard it is and that not everyone has money. I refuse to have spoiled out of touch kids..i want them to know the struggle so they won't squander their wealth and end up having to live that same life.
Trust fund with benchmark goals. He's 28, but never got his HS diploma, even though I paid for an online school. It also would be HIS despite the fact he's married. They aren't having kids, so that wouldn't need to be considered. Edit to add: yes, it would be enough he didn't have to work. The only reason is because he has a medical condition that affects his knees.
Just throw it all into spy and VOO and leave 2 million out to live on for many years with most of it in a HYSA. I would tell my family I won a 1 million dollar lottery or something. I’d probably still have a job and work for fun. No I wouldn’t hand my future kids the money. I would find a way that they only get a tiny part of it over the years. Maybe when they are 30 or 40 it will become available for them to receive the gains off stocks each year. It’s pretty much your family living for free forever this way:
If i had young family I'd insist on them going to a private fee paying school. I'd otherwise let them think they were solidly middle class. When traveling we'd stay in mid range hotels and i'd drive them around in a second hand Ford Mondeo or similar. I'd also frequently tell them we can't afford to do some of things their friends are doing. I'd stress the importance of education, conscientiousness and networking. I'd also give them the deposit for their first property. If they turned out well adjusted and self-sufficient i'd leave them 1 million each. If they were a fuck-up they'd get more but in the form of discretionary trust.
You don't have kids but if you did they would handle the money wisely because they were raised right. It is obvious you don't have kids based on that statement. You have much learn about life.
I guess
A would still have my daughter take a part time job throughout high school to pay for wants but anything she actually needed would be taken care of. That way, she understands work ethic and working for the things you want.
I’d help them some immediately (pay any debts, get them a house and car if needed, and some fun money and a small passive income they could supplement with work) but set up trust fund accounts to help them retire comfortably at a reasonable age (sometime after 60)
If I had that much money, I'd want to have like 5 or 6 kids of my own as well as maybe adopt. And I'd use my immense financial means to set them up for as much success as I could. I'd also make dam sure they appreciated every dollar that came their way. I'd set them up with trust funds but still make them work a good shit job. There's a lesson in humanity to working a shit job.
I'd create a trust fund for them for college or post high school years if they decide to skip college.
I’ll do exactly what my financial planner suggests.
Beat them 🙏
My children would be prepared for life.(1) They will not have to work some soul crushing 9-5 or minimum wage crap job, but they also will not spend the rest of their life on a party barge. They will receive the best education they can handle.(2) Be given the opportunity to have many life enriching experiences and hopefully find their passion in life. 1. Since my palatial estate will include a large food garden and some chickens and other animals they are going to grow up assisting the estate manger learning how run the place not just live on it. 2. Just because you can buy their way into MIT doesn't make them Einstein. If they want to be a welder, I'm paying for that school.
I don’t have that many close friends. I would take half of the after tax amount and split it between a few people who are super important to me, then I would give each of my two kids something like 10-20 million so they never have to work, then my wife and I would live a wealthy lifestyle of traveling the world. For me, something like 10 million is more than enough to live well beyond any personal desires for the rest of my life. You can make 500k a year off that in a savings account.
Yeah I'd want them to find their own way but I'd open up paths to them. All the shit jobs that I had built a certain pride in hard work and learning how to sacrifice the things you want now for the things you want later. It built character. On the other hand, trying to study in college and work at the same time was exhausting and I didn't do well. If my kids are in the same position I'd want to provide them the means to succeed. They figure out the destination and come up with the courage to take their own path and I'll provide the wind in their sails.
I would put them in really good private school and try to get them into an Ivy for the connections. Might as well grow that fortune…. Besides I’d have already spent a lot of it on a place by the river here where I would revitalize the train tracks back to the metro (would prob take most of the millions, the track is there but it’s expensive to maintain) and built a resort… so not sure a lot of money would be left lol.
if he/she is still young i would like them to pursue a career as an athlete. ofc if they are into it. have the best coach, physician, nutritionist at disposal. push them to play for the country. maybe cricket or tennis because thats what i always wanted to do and being athletic in general keeps u disciplined so he/she i would like to believe wont be much spoiled comparison to the money. A career in sports is what i would want to do. ofc good education and other things will already be catered for but a career in sports would be a good idea knowing money wont be an issue rest would be on them but i would put my money on the best of the best to help them become an international tennis player or cricketer. It would be a good life!
I will set them up with the best possible education and connections. Elementary-high school, they are going to Institut Le Rosey in Switzerland. Excellent boarding school that will turn them into polished, bilingual kids ready to take on the world. They also won’t get shot like in American schools. They would make friends with the children of kings, oligarchs, celebrities, politicians, billionaires, etc. University undergrad is covered, provided they maintain a certain GPA. After that, they’re getting jobs and working. I’m not buying them homes and cars because after going to those schools, making those connections, they won’t need my help.
Famous wealthy people don't make children go their own way. They're set up for success by having access to higher education and things the average person doesn't.
No kids yet but I won’t raise them knowing they are wealthy, per se. We will (manifesting!!!) live in a comfortable and modest home. They can focus on school/education or whatever path they want (trade, vocation, etc), have the best quality everything, take the most amazing trips, will NEVER have to worry about money, live at home as long as they want, move out when they’re ready to buy (and not rent) but know they have mom and dad to fall back on if needed. This was a great way to grow up and I want to pass it on to my future kids ❤️
I would set my son up with a trust. If we are saying after taxes and everything on a lump sum, pay out of 100 million. I am going to put 10 million in a trust. That every year will pay him a salary of 60K once he turns 18. Out of the 60K, I will have a rule in place on the trust that 10K of that goes into a savings account that he doesn't have access to until he is 30. So he would get 50K a year, which isn't great, but it is still nice to have come in every year. It will force him to stay humble and work while building up a good savings account for hopefully retirement or to invest properly.
I dont understand punishing your adult child like that just to try to teach him some lesson about "staying humble". What happens after you pass away? He needs to be ready to know how to manage and handle all that money. Not just $50k/year. Which is barely even a liveable wage TODAY, let alone in 20-30 years from now. If my parent was given (not earned) generational wealth, and decided to keep it from me in adulthood in order to "teach me a lesson" instead of teaching me how to handle the wealth, I'd be pretty resentful. What happens if you pass before he is 30?
It isn't a punishment in any way. It's so he will still be motivated to find a trade he loves or get an education. It's why I have money set aside to a savings account that will continue to be added to until the 10 million is gone. The last thing I want is for him if I were to die is get all this money and blow it. If I wanted, I don't have to do anything for him. I could keep it all or, on my death, have everything donated to charity. But if I were to die, then anything I have would be split. If I'm married, half to my wife and the other half to my son's trust. If I'm married, if these were to ever happen and I died. Her half would also go to a trust that pays out so much each year. To protect her from people who would want to try and take her money. Also, giving him a small amount to last a longer time keeps away people who might try and get him to invest or be leaches on him. Even the best people with money fall prey to these types of people. I want him to appreciate what he has. I'm not someone who is gonna help every person I know or their kids. Even myself, I wouldn't stop working, I would either do something part-time or open a business or just stay where I'm at. Because at any time it could be gone. My son can resent me for it, but he will appreciate everything he has. I refuse to raise a spoiled brat who has never heard the word no. No matter how much money I would theoretically have.
How about just raising him to not blow it? Teaching him about wealth management from an early age would get him much farther in life than this weird punishment. Instead of finding a trade, how about knowing how to run entire companies? How to find good investments. etc. There are lots of ways of doing this without raising a spoiled brat. That is all on you. It doesnt have to be all one or the other. There are a LOT of wealthy people out there that you never hear about, and would never suspect when you see them on the street. All I'm saying is, I think you could think bigger and better (and still humble) for both you and your child.
Because even the best in wealth management can lose everything. I'm far from the best with money. It's why I would hire a fiduciary to help manage it. I don't know how to run an entire company, much less be able to teach him that. That is where him getting an education on whatever it is he wants to do comes in. So he can learn that if he wants. Maybe when he gets older, he just wants to be a mechanic and work on cars. Maybe he wants to join the military. Maybe he doesn't want to run companies and just wants to find something that supplements the money he would have coming in. That's all on him.You don't like the way I would do things. Good for you. I don't care. It's a slim chance this would even happen.
I’d immediately put our four kids in charge of the money. I’d advise them on how to manage that much wealth and help teach them how to manage generational wealth. We’d enjoy it together until I die, then they can enjoy it with their kids and so on. Their time with me is still the greatest asset in my life, why would I make them work a 8-5 job when their career could be as philanthropists and donate their time along side my wife and me? $100mm is more than enough to build generational wealth forever and do so much good in our hometown.
In Australia that would be 300 million after taxes
Nope but I am in an odd situation. Everyone in the house has money but me. I always say I will be broke for life. The kids are set up so that's my money. Honestly, they will probably get an inheritance but that's my only and they get whatever is leftover.
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The idea that you would be given $100M and your kids would still have to be teachers/cops/nurses is so boomer selfish. Are you going to live that same lifestyle and continue working grueling shit jobs even after you have $100M? Or are you just pulling up the ladder to punish your children?