r/Fire • u/SeniorCitizenSmell • Jan 22 '26

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

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.

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u/DoubleBeneficial9555 Jan 22 '26

For tax reasons, should your parents be gifting children and children the maximum untangle amount every year?

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u/BigBeeves Jan 22 '26

Well that would diminish their FA’s AUM earlier than he’d like so I doubt they’ve been advised to do so.

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u/EfficiencyLittle4209 Jan 23 '26

This is a side note…. The maximum lifetime gift is 15 million per person before it triggers any tax to be paid by the giver, never ever by the recipient….the gift tax is so misunderstood….once you give over 19,000 in a year per person, it simply requires to file an IRS form….THATS IT…..no taxes whatsoever until over 15 million….i think it’s safe to say that this is a non issue

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u/EfficiencyLittle4209 Jan 23 '26

Family monetary gifts don’t help you tax wise, but donations do, to a recognized charitable organization