No. of Recommendations: 5
The distributions are sent with no strings attached. I want
each of my family members to make their own decisions.
As I explained to their parents, my hope is to provide them
with an understanding of what it means to have investments
grow over time -- hopefully decades. And to give them a sense
of security -- as they'll gradually have funds they can access
when necessary, without waiting for their future inheritance.
I like the gradual nature of your gifting, particularly with the younger set who may not yet fully appreciate asset management. Because our kids are still on the young side to be inheriting large sums of money, and while healthy DH and I are at greater risk of being taken out by a semi tractor trailer as we travel together in retirement, we worried about developing their asset management skills should a sudden joint demise occur. Thus the gifting discussed in the other thread. We did set up a trust years ago with our will, to get them to the age of 35 when they could then decide to dissolve the trust or keep it as financial protection, but 35 is now not all that far off and since we won't be here to guide them after our demise, we want to start the training of financial assets now.
Our upbringing was not one of affluence, and in fact I experienced some very hard times as a young adult. I am constantly astonished to find myself in the position of giving money away.
FWIW,
IP
