'I have a generous pension awaiting my retirement. I have significant savings, and several properties. ...I have four nieces and nephews. How do I transfer my wealth to future generations?' The Moneyist weighs in:
I am a second-generation, happily newly divorced, 52-year-old professor without a will. I am incredibly fortunate to be successful in what I do. Because I am a state employee, I have a generous pension awaiting my retirement. I have significant savings, and several properties that followed from moving from one state to another.
Traditional models of distribution would mean my estate would and/or should be apportioned to my extended family. I understand that is how generational wealth works. Families, over time, can build themselves on the success of their forefathers — or, in this case, their “foreuncles” — but I have had some thoughts about what targeting my estate might mean.
First, what are your thoughts about this from a generational perspective? Second, if I choose to set up something like this, how would I find a long-term trustee? Third, is a trust the right way to think about this, and could I use a 529 plan to accomplish this?The three most important things in a young person’s life, in no particular order: education, education, education. Kudos to you for thinking ahead, and putting the money you won’t spend during your lifetime to use.
There are potholes to avoid, or at the very least be aware of. As my colleague Beth Pinsker points out: “Any money from a non-parent given to a student while eligible for aid can count as student income and is assessed at a much higher rate than a parental asset. Say you gave $5,000 to a high-school grad as a present in May 2022.
Duckett is somewhat more optimistic about the impact on economic inequality than other parties, including the authors of this paper for the Center for Economic Policy Research. “This will put younger generations in the driver’s seat and has the potential to reshape our economy.
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