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I hope to be able to setup a non-revokable family trust to control the assets which will take care of the kids - in the sense of giving them places to live and jobs.

mister_monster 1y ago

You don't worry that that will set up your kids to just be parented cradle to grave?

I like the idea of leaving some family property in a trust, to keep the family together. Maybe the family's facation home and a fund they can borrow from. But I want to give them each something of their own, have the finances available to let them try things and fail in young adulthood, find their footing and their niche. Leave them each something according to their abilities, hoping at least one of them will make something of it and look out for their nieces and nephews in a similar way. Putting it all in a thing that just trickles out dividends to them, to me sounds like a sure way to create useless spoiled trust fund kids.

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Discussion

Caleb James DeLisle 1y ago

> trickles out dividends

That's pretty much the worst thing you can do.

I'm thinking some kind of KPI-linked reward mechanism which makes them invest into the following generation. Not really sure exactly how it should work...

mister_monster 1y ago

I don't think you can automate something that optimizes results on this front. It necessarily involves participation of the kids because that's ultimately the goal of not just giving it to them. There has to be a feedback loop, failure must not mean abject failure, but it must incur a cost to them. I think giving them little chunks while you're alive for them to rusk pursuing endeavors will help them figure out risk and the world without that meaning destitution, a place to go home to when failure occurs, and something they can build on when youre gone is a good approach.