What comes to mind when you hearthe phrase â€œtrust fund babyâ€? Over privileged, lazy, easy-breezy life? Trustfund babies get a bad rap from pop culture. Many people think these kids arespared character-building inconveniences. Nevertheless, character is neither afunction of personal wealth, nor is it necessarily deterred by it. In fact, aninheritance just may give your heirs the tools to do great things.
A recent article in Forbes is a case in point. The articletitled â€œLarry Ellison's Trust Fund Babiesâ€considers the family of Larry Ellison, the third richest man in the UnitedStates and longtime rival of Bill Gates for those top few spots. It seems theEllison children, Megan and David are doing quite wonderful things as trustfund babies. Both film producers and financiers of some note these days.
â€œThe sooner my kids get experience dealingwith the pluses and minuses of having a lot of money, the betterâ€ Ellison isquoted to have said.
So what does this mean to youand your heirs?
With the Ellison family we findone more example of denying extravagant inheritance for purposes ofdissipation. Bill Gates is yet another example.
What about you? Do you believe giving money helpsprovide tools to grow or does it stunt growth? What lessons or tools will youleave to your loved ones and what will those mean to them?
At IdahoEstate Planning we are the expertsyou need to know and trust. Work with us and we'll put together a plan thatworks for you and your loved ones. Remember, goodplanning is no accident.