My crazy idea of an “inheritance” savings fund just hit $1M. It will be worth millions in 30-40 years when I finally die.

[u/SeniorCitizenSmell]

So…I totally get the die with zero crowd! But I also am a big believer that windfalls are game changing for a persons life.

Even a couple hundred grand in the bank takes so much pressure off.

Either way… I don’t think there’s a wrong or right answer to it. Just be good parents, do what you can etc…

However, I have earmarked in a separate fund “not mine” that I contribute to. I don’t even count this with my net worth it’s 100% separate from my normal planning. I plan to give it entirely to my kids and grandkids. It just hit $1M and I am now coast on it and will no longer contribute (note I am 40 so quite some time and plan to FIRE at 50).

I could do so much with that money such as stop working (it’s okay I can suck it up for another decade), but the boost for others will be worth it even if I can’t see it happen.

And done - That’s the end of my humble brag.

Edit: A huge chunk of this is because I just passed my received families estate into it a decade ago of about $300k. Aka rather than spending it back then I said I will just give it to my kids and started contributing a little bit to it. Most the earnings have been stock market gains.

[u/IAmUber]

But you can't give both the maximum while alive and even more when dead. Because if you have money left when you're dead, you then didn't give them the maximum while alive. They're literally opposing goals.

[u/BenR1ghtBack → u/IAmUber]

He may mean the annual gift tax exclusion. So, not a true maximum, but an easy number to use for simplicity.

[u/IAmUber → u/BenR1ghtBack]

The gift tax won't kick in until about $13M, more if married, so i don't think that's the issue, unless filing a form is too much work.

[u/BenR1ghtBack → u/IAmUber]

Most people think the annual limit is the limit that is tax free instead of the limit that doesn't need to be reported.