Giovanni, I can't help but jump in here. My father married an heiress (from whom I got nothing) so I have some experience with the type of folks you highlight. Most of them end up feeling entitled, bored, unmotivated and just plain f**kd up.
One of my heroes is the son of the Baskin Robbins heir. He didn't want to end up like his kind and refused the fortune, retreating to a cabin in Alaska for over ten years and living on practically nothing, off the grid and close to the land. While there he wrote a book which became a best seller and made him millions. Now that takes balls.
However, I don't fault you Giovanni for keeping your inherited dough. And I applaud you for being totally honest about it. That said, you are probably a very fine person with no pretensions, kind to those less fortunate than yourself and realistic about the dangers of inherited wealth. If I were in your shoes I'd tell your kids that you will provide them with enough so they won't starve but not enough to talk through their noses. I'm sure you know what I mean. Further, if they start a meaningful enterprise which provides employment for others, you will set aside a fund to enable that enterprise to grow quickly and succeed. If they do nothing constructive, the money will go to a charity instead. Not perfect but better than keeping them awash for life in country club funds.
Good luck. Pontoon
Giovanni Member Level Thursday, 03/20/14 12:53:16 PM
Re: TTommy post# 3663
Post # of 3669
Tommy
One of the best examples I can remember is the doctor who invented
Valium. He was very highly paid for the time.
Hoffman wanted to give him a 2 million dollar bonus and more shares.
He turned them down.
He did not want his children to be spoiled.
He was correct.
Not confusing if you have been there.
I also grow up in a community where many had trust funds.I know the %`s. If you like your children acting like Bieber give them a trust fund.
In the 50`s people thought it was the thing to do. They were wrong.
That commuity is still loaded with wealthy people with way too much money.
If my father had thought it out he could have given us the money
when we turned 50 as we would have gathered enough life experience to cope with it.
Gio
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