Speak with your husband. Decide what you want to do in terms of estate and trusts. You can stipulate under what conditions money will be doled out - read examples in a book called Beyond the Grave. It’s up to you how much you wish to encourage or discourage their behavior. Given your net worth, you definitely need a good estate plan as it may be subject to taxation upon death.
Start spending money - go on that vacation or round the world trip - fly first class, stay in 5 star hotels, take up philanthropy. Given your networth is growing 4%+ per year you can easily spend 5% per year - this isn’t a case where you need your money to last forever.
Don’t tell your sons what your networth is - it just encourages the behavior you describe. Btw, owning a second home or other assets doesn’t mean they are doing well until you’ve seen the liabilities side of their personal balance sheet. They could be loaded in debt.
Start spending money - go on that vacation or round the world trip - fly first class, stay in 5 star hotels, take up philanthropy. Given your networth is growing 4%+ per year you can easily spend 5% per year - this isn’t a case where you need your money to last forever.
Don’t tell your sons what your networth is - it just encourages the behavior you describe. Btw, owning a second home or other assets doesn’t mean they are doing well until you’ve seen the liabilities side of their personal balance sheet. They could be loaded in debt.
Statistics: Posted by Grt2bOutdoors — Tue Aug 20, 2024 6:39 am
