Intergenerational Transfer Of Wealth -- May 1, 2024

Locator: 47028INV.

I have just started a new series on the blog, the process of transferring our assets to our children and grandchildren. We're in our mid-70s; our two adult children are in their early 40's.

From my "personal investing" tab at the top of the blog:

Purpose of the "personal investing" series:

• start the conversation
• work out the process of intergenerational wealth transfer
• set up investment, retirement, educational accounts for two children and five grandchildren
  
• begin transfer of funds to these accounts
• review the history of / the evolution of investments that occurred over the past 30 years
• "to know where you are going, one needs to know what you've been"

Starting early could give heirs several years of financial education before they have to handle their inheritance on their own.

This series only has to do with the intergenerational transfer of wealth. This has nothing to do with how the two adult children are managing their own financial affairs, if that makes sense. The transfer of wealth begins this year in earnest; we've been transferring smaller amounts for the past ten years, but this year we will transfer the entirety of our RMDs, and go from there.

My goal is to have the process complete within five years and pretty much everything on auto-pilot. The transfer of assets will come with no strings attached. Advice will be provided, but at the end of the day, the heirs can use the money any way they wish.

I started this series on the blog just a few days ago; I'm not sure it's even been a full month.

So it was quite coincidental that the following popped up on my twitter feed today:

I believe he has only two children, becoming a father for the first time when he was 63 years old or thereabouts. The boys' mother is his third wife.