Right. And the vacations are something you ‘give’ your kids too. You won’t lie on your deathbed and think: “I shouldn’t have taken my kids to Vienna that summer. Should’ve put it all in Vanguard ETFs. Man what a bummer.”
If your kids appreciate your money more than your time is when you know you screwed up.
heck, raising your kids is the one and only tasks which should really count in your life (if you have children ofcourse).
Wealth can dissapear in an instant, and considering the stability of the world seems to be only decreasing, raising and seeing your kids grow up seems far more important than investing in the stock market to me.
first the government will take 50+% of everything he leaves to his kids. if there is still significant funds that he leaves them they will 100% become bums.
he should spend every penny he’s got to spend every minute he can with his kids - especially while they are young. and his kids will say the same.
not noble at all - naive, dangerous and downright stupid thinking
If you will have under $7M in your estate, the slightest is literally nothing. You will not owe a penny of federal estate tax.
If you have over $7M in your estate, it's worth consulting an estate planner, but the basics look like gifting and establishing trusts while you are alive (and ideally while the exclusion amounts are high).
The current exclusion is $13.61M per person, or 2x that per couple and set to drop down to $5.6M in 2017 dollars on January 1, 2026.
If there's a chance that you'll have over $7M and die in 2026, the slightest is gift some of it now [directly and/or via trusts or 529 plans] while the estate tax exclusion is still $13.61M and file form 709.
