A Gift For Your Children (2023)
Dec. 18, 2023
During the holiday season, families worldwide engage in the tradition of giving gifts to express their love and appreciation for one another. As parents, we strive to find the perfect presents for our children, and kids eagerly await the moment they can unwrap the surprises waiting for them under the Christmas tree. But as we all know, some of the most valuable gifts in life cannot be purchased from a store.
This Christmas, consider giving your children the gift of a solid financial foundation by establishing a wealth creation trust. Now, I understand that the term "wealth" might give the wrong impression, but rest assured, you don't need to be wealthy to take advantage of this fantastic tool. The "wealth" in question is accumulated over time, starting from your child's birth, through cash gifts received on birthdays, holidays, graduations, and other occasions. These funds are then invested on behalf of the child.
To begin, create the trust and appoint a trustee. Inform your family members that any gifts intended for your child should be made out to the trustee of the wealth creation trust, for the benefit of the child. Make sure you also explain to your child that the purpose of the trust is to manage and grow existing assets, ensuring that wealth is preserved and passed down through generations instead of being wasted or squandered.
By offering this unique gift, we can hope to see our wishes for a more financially secure future for our children begin to take shape. If you're interested in learning more about how to establish a wealth creation trust, please contact my office to schedule a complimentary Estate Planning Strategy Session.
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PARENTING TIP:
Keep the tube in the family room. Research has repeatedly shown that children with a TV in their bedroom weigh more, sleep less, and have lower grades and poorer social skills. (And parents with a television in their bedroom have sex less often!)