Instead, I think it is more important for our children to learn responsibility (and knowledge) rather than have fun. Necessity is the mother of invention, and they should already have learned how to have fun on the cheap. I would rather supplement a child's budget after college in their first job than in college, and I would never let them set the budget if I'm paying the tab.
For sure this is a discussion that should have occurred years ago, so the child knows what to expect. I received no spending money when I went to college. Similarly, I paid all r&b + tuition for my 2 kids, but nothing else. Teach them they can do without that evening pizza, expensive clothes, etc. That's important knowledge to learn - and it's free.
This should be a boon for robbers. If you don't have enough cash on hand to make their robbery worthwhile, they can tell you how much to have delivered.
Your point is invalid. The problem in your examples was not in doing trusts, it was in how they were written. It's like saying it wasn't a good idea, but the problem is they weren't signed or witnessed. The devil is in the details, Maybe you would feel better if I change it to the BEST solution.
Obviously the only perfect solution is a trust, but financial institutions have minimums over $1M, and of course there is a fee that will cut into the net heirs receive. You might consider setting up some joint accounts with only your kids as beneficiaries. She could of course change that after you die, but the intent would be clear and perhaps honored. I do not have a stepmother issue, but am concerned about a child squandering the inheritance rather than saving it for retirement. My solution on a wing and a prayer is providing some of the inheritance at death, but another chunk that they have agreed in writing to save until age 61 then take out the balance on a 20 yr schedule. Maybe they will and maybe they won't, but hopefully they will think twice before violating our agreement. At least there is a specific framework.
Hope springs eternal. The only good thing about your plan is that you will never know the final chapter. I believe one of the authors you cited is the one from earlier this week who was disinherited by her stepmother. We can't predict the future including how people will act. A simple plan buster is if you die, your wife gives PoA to a child when she should or shouldn't, then the kid takes your stash. A child could also influence their parent to change the will because they need it more than your child does.
For initial planning purposes I'm comfortable saying there is no state that provides equivalency to layers of relatives. Instead there is a pecking order of succession, so if no one is in the first layer then it goes to the next, etc. Your siblings would never have parity with your children. This all pertains to there being no will (intestate).There are laws that protect spouses and minor children regardless of what is in a will.
Comments
Instead, I think it is more important for our children to learn responsibility (and knowledge) rather than have fun. Necessity is the mother of invention, and they should already have learned how to have fun on the cheap. I would rather supplement a child's budget after college in their first job than in college, and I would never let them set the budget if I'm paying the tab.
Post: How much to provide a college student monthly?
Link to comment from May 3, 2026
For sure this is a discussion that should have occurred years ago, so the child knows what to expect. I received no spending money when I went to college. Similarly, I paid all r&b + tuition for my 2 kids, but nothing else. Teach them they can do without that evening pizza, expensive clothes, etc. That's important knowledge to learn - and it's free.
Post: How much to provide a college student monthly?
Link to comment from May 2, 2026
Since these are luxury expenditures rather than necessities, I agree. Mr Quinn wants to reward bad behavior which is never a good idea.
Post: How much to provide a college student monthly?
Link to comment from May 2, 2026
This should be a boon for robbers. If you don't have enough cash on hand to make their robbery worthwhile, they can tell you how much to have delivered.
Post: Cash Delivered to Your Door: What Could Possibly Go Wrong?
Link to comment from November 22, 2025
Your point is invalid. The problem in your examples was not in doing trusts, it was in how they were written. It's like saying it wasn't a good idea, but the problem is they weren't signed or witnessed. The devil is in the details, Maybe you would feel better if I change it to the BEST solution.
Post: Letting Go
Link to comment from July 27, 2025
Obviously the only perfect solution is a trust, but financial institutions have minimums over $1M, and of course there is a fee that will cut into the net heirs receive. You might consider setting up some joint accounts with only your kids as beneficiaries. She could of course change that after you die, but the intent would be clear and perhaps honored. I do not have a stepmother issue, but am concerned about a child squandering the inheritance rather than saving it for retirement. My solution on a wing and a prayer is providing some of the inheritance at death, but another chunk that they have agreed in writing to save until age 61 then take out the balance on a 20 yr schedule. Maybe they will and maybe they won't, but hopefully they will think twice before violating our agreement. At least there is a specific framework.
Post: Letting Go
Link to comment from July 26, 2025
Hope springs eternal. The only good thing about your plan is that you will never know the final chapter. I believe one of the authors you cited is the one from earlier this week who was disinherited by her stepmother. We can't predict the future including how people will act. A simple plan buster is if you die, your wife gives PoA to a child when she should or shouldn't, then the kid takes your stash. A child could also influence their parent to change the will because they need it more than your child does.
Post: Letting Go
Link to comment from July 26, 2025
For initial planning purposes I'm comfortable saying there is no state that provides equivalency to layers of relatives. Instead there is a pecking order of succession, so if no one is in the first layer then it goes to the next, etc. Your siblings would never have parity with your children. This all pertains to there being no will (intestate).There are laws that protect spouses and minor children regardless of what is in a will.
Post: Estrangement & Estates
Link to comment from July 19, 2025
If not a deadbeat then perforce my comment would not be applicable.
Post: Estrangement & Estates
Link to comment from July 19, 2025
If we decide to not reward a deadbeat then we should be remembered for making a wise decision.
Post: Estrangement & Estates
Link to comment from July 14, 2025