Quote:
Originally Posted by Guzzel
If your neighbor is interested in maintaining generational wealth, she may want to consider establishing a Trust so that it specifies the conditions that family members may access the money. However, simply dividing it up among the kids may in fact be a quick way to rapidly deplete the entire amount.
The following article is an interesting read to get a better idea of how wealthy families maintain their wealth over many generations.
How Wealthy Families Use Trusts to Protect Their Wealth - Ken Majmudar |
Glad someone in these three pages suggested it. I'm pretty surprised you're the first. My grandmother put her investments in a revocable trust, which my mom forwarded to a new one when grandma passed away. In a "more or less" and unspecific way of putting it, my sister and I already own everything my parents possess. But we can't claim it til they die. Our name is on everything, but no power of attorney to access it. As soon as they die, it automatically transfers to us. No probate, because it was always ours, and we're still alive.