Our first grandchild was born on Halloween evening to our daughter and son-in-law. Valerie and I are filled with joy. As new grandparents we hopped on a plane the next day and are spending a week helping out with the transition, but mostly watching and holding our grandson.
Babies are truly miracles. Their future is bright as their future stands ahead of them without any barriers. As Grandparents we want the best for our grandchildren. We live in a great country and opportunities abound. We also know that there is plenty we can do to give our family members extra chances for success. We can provide love, encouragement, mentorship, training, guidance, and resources that will help our grandchildren find their way.
Financial legacies that we can leave to our families can be a great help provided the gifts are properly structured. Warren Buffett provides great insight and guidance that a Father “should leave his kids enough to do anything but not enough to do nothing”. A trust can provide rules, restrictions, and rewards as you train those who follow you. The trust can provide for schooling, education, wedding, a first house, and all those steps in establishing oneself in this world. The hope is that the child is prepared to succeed according to the values you establish. The legacy you leave is carried on by the actions and accomplishments of your children.
If you are interested in creating a special legacy for your children, please advice your estate planning attorney that you want to create a trust that reflects your values and the dreams you have for your family.