10-19-2020, 10:33 AM
(10-19-2020, 10:04 AM)crimsonghost747 Wrote: Ohh there definitely can't be a cookie cutter best answer since everyone is different and lives in a different situation. But indeed, my idea was to get everyone thinking of the possibilities. "We generally don't inherit at the proper time" is true, but "such is life" does not need to be true. And that was my point, you CAN affect when that transfer of wealth occurs.My daughter needs money right now, and I can't give it to her without sacrificing my early retirement I invested for all my life. I help her some of course, and I have, but the fact I can't fix everything causes her to grow as an adult. There is always a spare bedroom in my house. If she is too proud to do that and wants to make her own way then it's all good. Your point is taken though. There is no need to make her wait until she is 60 to received the entirety of any benefit I may have the ability to leave her.
One way would be to indeed "spend" it on them earlier on. All education etc is free here so no personal experience but I imagine graduating with zero debt would be a pretty good starting position in the states. Or maybe pay the first 1-2 years of their mortgage payments to help out at that time.
Or simply offer to "double their salary" for the first 2 years that they have a job. I think we all remember our first real job and the salary probably wasn't much.
Or, if you prefer holding onto everything until you pass away, maybe designate a part to go to your grandchildren instead since it's very likely that they are in a position to need it much more than your children do.
Just some random ideas that could indeed work in order to put that money where and when it is most needed, instead of it all arriving on someone's bank account when they are 60+ years old.
edit: I should add that here, as with most money things, diversifying is probably a prudent thing to do. It doesn't have to be "either this or that" but rather "both this and that"