Does anyone?
My wife feels she would rather give out some now while the kids are starting families etc. than have them wait till we kick off for their inheritance.
Our money is all joint.
We do not believe in the concept of my money and your money.
Ours is all our money.
So every once in a while when she feels flush, she will write out checks to each of the three.
I have no problem with this.
Just wonder if it is common practice among those who can afford to do so.
I put away X amount every month for each of my two sons, ages 22 and 19. Then if an unexpected expense comes up for them, that money is available. If they don't use it now, it will be there for them when I am gone. DW does send a check to the younger one every month to help with his expenses as he is still in school. Other than that, I am spending their inheritance.
2004 Safari Simba 37PCT
2007 Jeep Liberty
Thom & Jane
Boss is Luci...Schitzu-Poodle mix
Yes, we do this. My mother did it too, but it was always for a specific purpose. She also gave to our kids, but for them to receive it in parts at 25 & then again at 30. No formal trust was set up, just joint accounts in my & their names.
I would think it depends on the kid. If the money given is used in such a way as to indirectly harm the kid (i.e., "I don't need to get a job, daddy will provide for me no matter how much beer I drink..."), then it is a problem (I think the term is called "enabling"). If the money is like a gift to a fully functional adult child, I say more power to you.
Now if I can just convince my parents to buy me that new car I've been wanting.....
Note, my parents have given us money in the past which we have used for things ranging from college money for my kids (their grandkids) to an overseas trip for my family. Different people might decide if our use of the money my parents give us was correct.
Nope. we made sure each of the 3 DDs had an education, that they had a place of their own when they got married and now they are on their own. All have improved their lifestyle over the years by continuing their educations to Phd's and have all moved up the ladder in size and location of residence, so they have no need for the old folks monetary support. We feel family love and support, far outweighs any money changing hands.
Bob & Betsy - USN Ret'd '78 & FL LEO Ret'd '03 FMCA #F203528 '05 HR Endeavor, 40PRQ w/400 Cummins - With -'05 GMC Sierra LT, CC Z-71, the pusher '07 Arctic Cat 500A & Wilderness Kayak, riding in the pusher - Our Current Location
We are of modest incomes. We have a little in savings, most of our extra is tied up in our 401K. We do not dole out money to our two grown children just because, but they know if they need some and ask, we will give it to them. They are both on their own with families and seem to manage well. Both have incomes higher than my wife and I. We do contribute monthly to a mutual fund for both of our granddaughters for their college fund through A.G. Edwards. I think learning to live within your means on what you make is important in a childs' continuing education. It seems like there are more and more families living on the edge (or over it), trying to accumulate everything at one time. New cars, big homes, boats, motorcycles, four wheelers, jet skis, you name it they have it. My wife and I did not get everything overnight, it has taken us 30 years to get what we do have, and we are comfortable with it. JMHO........
Dave & Pat
1999 Wanderer 230FB
2004 F250, XLT Crew Cab, V10, finally, enough power!
"No kids, no pets, trying to make it to retirement"
Sea Dog wrote: Does anyone?
My wife feels she would rather give out some now while the kids are starting families etc. than have them wait till we kick off for their inheritance.
Our money is all joint.
We do not believe in the concept of my money and your money.
Ours is all our money.
So every once in a while when she feels flush, she will write out checks to each of the three.
I have no problem with this.
Just wonder if it is common practice among those who can afford to do so.
I would say it's currently not common practice to "ours is all our money." Dividing up the total amount now, and every adult person gets an equal share to include you, is very fair. It sounds very generous to do this, and I think more families should take your advice and share the wealth.
My Dad is basically paying out a "living inheritance" to me and my brother. Bro got a deal on buying the house we grew up in when my Dad moved to VT, I get gift checks to add up to the sale price. My Dad doesn't believe in giving a state or the government money for nothing just because he dies, he'd rather see us enjoy it. Me and my brother had solid jobs/careers at the time though mind you.
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