Grandparents Did Good!

[mjarrels]

My son turns 21 in two weeks and always knew he has something coming from the family trust and started asking me how much? I didn't know, so I asked my little sister who manages the trust yesterday... I was shocked... about $50,000 dollars! My days of paying College tuition are over now! I should have known something was up when I had to pay taxes on my daughers $1800.00 interest income last year and she has never had a job (she is 16). I guess when she turns 21, she will probably get about $60,000 bucks! Mom and Dad did things right for the grandkids... God bless them!

mark

 

[jinman]

Sounds to me like your parents not only did a good deed for their grandchildren, but they also did a good deed for you.

 

[EddieWalker]

Very nice to hear of your good fortune and how amazing your parents are.
Congratulations.

Eddie

 

[AlanB]

Nice! Congratulations.

 

[wjoerob]

Just hope he has the sense to use that 50 grand in a wise way, maybe invest or save some of it. I'm not sure it would have been doing me any favors at age 21 to drop that much in my lap...

 

[marimus]

And don't forget to thank your little sister for managing it so well

 

[rox]

Hey good for your kids from the kindness of thier grandparents. I read somewhere that there will be the greatest transfer of wealth from the WWI generation to the baby boomers as they pass on. In my family on all sides both sides of my parents and all sides of my husband's no previous generation ever inherited anything, jsut everyday working class families. However my parents from the WWII generation I expect will have an estate to leave to their heirs. I do think it is a two sided sword. One side is hey great this lump sum of money can provide you with XXX. However not ever intending to inherit anything sure makes you get out and work your tail off to get ahead.

 

[bigtiller]

That was a wonderful thing your folks did for there grand kids! Have you given any thought to extending the gift and rolling it over into a retirement account for the kids?

 

[Flatheadyoungin]

good for your family and that's great your parents managed their money wisely...

someone made the comment about the WWII generation leaving inheritances to their children...made me think of my wife's grandfather that just passed away..

this man saved money, handled his wisely and handled (executitor of will for many) other's money wisely.....he had quite a bit of money when he passed a few weeks ago......however, both of his kids (my father-in-law and his sister) have spent and spent......he has bailed them out numerous times.....and they've already counted their inheritance and i'm sure it's spent (credit card debt, TVs, cars, bars, etc) before they even get it.......

i certainly don't expect to get anything but it's a real shame that he was so wise and all of that sacrifice will be out the window......he should have blown it on himself and his wife.......

funny how things change from generation to generation....

 

[mjarrels]

I actually got a couple thousand dollars when my grandparents passed away in the late 70's... don't remember what I did with the money?

mark