Turning my future generations into Trillionaires

Want to help your kids? Make sure you put aside money to help them with university, driving lessons, a house purchase. Keep it in your name and then dole it out as you see fit.

Helping any grandchildren become millionaires + wont help- have you seen the fe*kless children of the rich? Esp if your children have huge student loans and cant afford a house. Or cant work as they are taking care of you as you didnt set enough aside to retire on? Money wont buy your children and grandchildren a good life if you dont put in the time and effort to raise them right.

How to help your kids- help yourself to a good financial start incl pensions and Isas. Then branch out to them.

bostonerimus wrote: »

My plan is also to leave my family well off. What the OP is talking about is a family trust that invests money across generations and gives out income to the beneficiaries.

I'm going to do something simpler and just leave money to my heirs rather than spending it all and then let them figure out what to do with it.

It'll be gone within a generation.

iglad wrote: »

It'll be gone within a generation.

As you have no knowledge about my family that seems like a statement based on massive assumptions.

I will give my heirs an inheritance and trust them to use it wisely...if they don't then why would I care as I will be dead. But they are all sensible and hardworking and making good provisions on their own so I expect them to continue that. They own homes, have pensions and save regularly.

I intend to leave a lot to charity as well as my family.

https://en.wikipedia.org/wiki/Rule_against_perpetuities
https://en.wikipedia.org/wiki/Perpetuities_and_Accumulations_Act_1964

The OP brings up the exact same thought I had some time ago, and having looked into it a little I discovered it wasn't even that original of an idea (they never are - d'oh!). There is the historical example of Benjamin Franklin pledging the cities of Boston and Philadelphia the equivalent of a few thousand dollars in his will on the proviso that the funds would be locked for at least 100 years, with more being released in 200 years. The second maturity date was 1990 at which time the remaining portions were worth several million dollars each.

Unfortunately that kind of thing is now prohibited by rules against perpetuities (see the links) and would hemorrhage cash due to taxation. It's still an intriguing thought though, and I'm still occasionally looking at long term investments. I received an inheritance a few years ago, and as an experiment I've put £1000 into a series of investments for long term growth and with the self enforced rule that I won't ever sell up or dip into it unless I'm on the verge of poverty. Give me 10 years or so and I'll report back!

bostonerimus wrote: »

If you put one penny in an interest bearing account then by the time the Universe ends you'll be able to pay for your fantastically expensive meal at the Restaurant at the End of the Universe.

Only if you live on a planet where savings accounts pay a consistently above inflation return and don't round the interest down to the nearest penny.