The number 1 reason I don't want my kids to be the Trustees is I don't want the disagreement that comes around money.
Example: Dad paid for your college it was $50k/year x 4 years, so he already gave you $200k. I got a full scholarship, so I shouldn't be penalized. My share should include an extra $200k.
That being said, I am comfortable with my sons. But given their age, we have no idea who they will marry and the complications of their opinions.
Sounds like others are at the same crossroads I am. I think the cost of Professional Trustee is way overvalued, but there aren't any great alternatives. To throw a kink in the things, my wife and I are NOT planning to transfer our entire estate to our kids. We plan to give them an annual stipends with max of $100k/year. Remember a $10mill estate in 2 Fund Portfolio would yield 7-10% (700k-1m/year), but only distribute 2x100k/year.
We need the Trustee to see the distribution that goes to other destinations that are not our sons.
RW
Example: Dad paid for your college it was $50k/year x 4 years, so he already gave you $200k. I got a full scholarship, so I shouldn't be penalized. My share should include an extra $200k.
That being said, I am comfortable with my sons. But given their age, we have no idea who they will marry and the complications of their opinions.
Sounds like others are at the same crossroads I am. I think the cost of Professional Trustee is way overvalued, but there aren't any great alternatives. To throw a kink in the things, my wife and I are NOT planning to transfer our entire estate to our kids. We plan to give them an annual stipends with max of $100k/year. Remember a $10mill estate in 2 Fund Portfolio would yield 7-10% (700k-1m/year), but only distribute 2x100k/year.
We need the Trustee to see the distribution that goes to other destinations that are not our sons.
RW
Statistics: Posted by roguewarrior0 — Sat Sep 14, 2024 10:26 pm — Replies 28 — Views 6016