Jerry Taylor warns that giving a child a large inheritance at 18 often leads to rapid squandering. He recommends dividing the estate into thirds released at ages 25, 30, and 35 instead, so the beneficiary is mature enough to manage the money wisely.
If you want to ruin your child for life, a good way to do it is to plan for them to inherit from you at 18. Ask yourself this question: if you were to have received $500,000 or $1 million at age 18, what would you have done with it? Or even age 19, 20, or 21? I know if it had happened to me, I would have blown through that money like blowing out a match. You can either set your child up for success or failure, because unless you plan for it, If something were to happen to you while your child was young, one way or another they would get that money at age 18 or 19, depending on the state. You can avoid that with good planning and set them up to receive that money when they're more mature. A common way is a third at 25, a third at 30, and a third at 35. If it's handled property, your estate can help your kid to excel in life. If it's not handled properly, it can be a total disaster. So think about that and then go to my profile page, Linktree, and sign up for my newsletter.
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