From the archives: A dad used to give his kids $7,500 each on Thanksgiving. Not anymore.
Sometimes, The Moneyist hears back from previous letter writers. “Sean in San Antonio” wrote with an unusual problem, and it is a Thanksgiving classic.
Since then, Sean has come up with a solution. He decided to bypass his three kids and set up mutual funds for his grandchildren instead. But he has implored his adult children to keep this gift a secret from his grandchildren, so they continue to work hard and look up to their parents as their main benefactors .
We’ll be putting the amount we’d have given you, spread over 12 months and for the rest of our lives, into a mutual fund that you will inherit for the benefit of your own children. Along with the rest of the estate, you will receive the money from this investment, but it will be for your children, not you. Effectively, our intent is to leave the money to our grandchildren, but to give you some control over it.
There should have been some kitchen-table instruction. We also regret that the kitchen table and chairs are today always available, but never taken. Grandpa and grandma Frugality, like anything else, can be taken to extremes. Mom and I don’t think we ever went to those extremes, but we know we sometimes came close. A few years in the 1980s we were really broke. If money is to be wasted — the opposite of frugality — it should be wasted in youth.
We love our grandchildren and want to give them a boost later in their lives. So unless you have major and convincing objections to our plan, this is how it will work from now on.”Do you have questions about inheritance, tipping, weddings, family feuds, friends or any tricky issues relating to manners and money? Send them to MarketWatch’s Moneyist and please include the state where you live .
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