Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
Over the last decade or so, my wife and I have put together a nice little rental portfolio, we've really grown as landlords and property managers, and we have a nice little life that's just getting nicer. Net rental income has almost completely replaced what we used to make in our jobs. We can see the finish line, when we call it quits, sell and put out money into more stable assets, retire to a nice sunny place far from Pittsburgh, and enjoy our lives.
Our one regret is that we didn't have children. It just wasn't in the cards for us. In the beginning, we didn't really know what we were missing, but later, as the assets started to grow in place, we both realized that if we did have children, and we left them what we had, we would more or less be inviting destruction and misery on their heads in most cases. Raising kids when rich is a hard, thankless job, and most rich parents fail miserably at it. I can only imagine in stark terror the mistakes I would have made as a young man if I had had the money to make them.
For those of you who have met with some success and have children, what's the end plan? I know there are some guys here who stay up nights figuring out how to pass generational wealth to their children successfully, looking at you, @Steve Vaughan.
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
2y
Ha @Jim K.. Nobody is supposed to know I stay up nights thinking about generational wealth.😎
Interesting enough, my wife and I just did some basic estate planning for the first time recently.
So our 2 young adults (now) grew up around landlording and have been members of our main commercial apts LLC since they were babes. 2%. We used to joke that 50-cent's got nothing on their 2%. They'd rap while they picked up the parking lots. Some things you just do as owners.
Yard work, cleaning, painting, mowing, etc though were paid. They always knew where a dollar came from and they grew with us.
I never use the term 'rich' and honestly don't feel we are. We have had freedom from day jobs for a long time, but mostly because we have so few payments. They don't have payments either and when their car or motorbike needs something, their first action is to get out their own tools and pull up a YT video.
So I think the answer to prevent large sums from wrecking kids is that they are grounded. They have worked for money and appreciate it. They understand money comes in 3 forms- labor, business equity/LLC membership and investment earnings.
One fuels the other, which fuels the other- but the source and foundation is work.
We also enjoy playing 401 Uncle. We seed Roths for our motivated nieces and nephews and plan to establish college and 1st home purchase funds for our future grandkids and grand nieces and nephews. Won't be such a 'burden' on our kids.
Another great source would be @Arlen Chou. I know of him especially on other platforms and his young adult kids are actively buying RE and DiYing like you and I do so much. If anyone can mention him, he would be an awesome resource.
I don’t really worry about it. If no disasters happens I will end up with a large chunk of money to pass on, but the reality is they won’t see it until they are in their 40s or 50s at which point they will have already learned most of their lessons about money and work ethic. And whatever habits they have will be ingrained. I will help them some along the way but they will have to figure out how to support themselves because even if I could (which is debatable if I will be able to) I won’t.
So you've never seen a 40-something man inherit a good chunk of change, promptly have his mid-life crisis, and squander his inheritance and what little he had?
Jim I have seen many kids inherit very valuable real estate as their parents pass.. this mainly when I was doing Ranch and Timber or the subdivision land I bought. I am sure though same holds true when they inherit a MF or office complex or shopping center.. the thing with the deals I was involved in there was no debt on the land grandparnets parents owned it for decades. So like the last one i bought for 7.3 million ( for my latest housing development) 5 kids there was no tax planning and no 1031 they just each grabbed the cash.. others that have inherited the land then sold.. same thing cashed out and who knows what they bought but for sure they did not want to continue to own the RE they wanted to get their hands on the cash as quick as humanly possible.
Thanks, Jay, that's my point right there! Is the best inheritance plan we can have for our kids is to have them moneygrubbing over our corpses at the ends of our lives?
Investor · Malakoff, TX · Member since 2017 · 2k+ posts · 2k+ votes
2y
My view of wealth.is that it isn't for conspicuous consumption or to give one the freedom to do "what you really want to do". Wealth is for protection from unforseen events and emergencies. Fiscal self defense.
My hope.is that my children, especially my son, will become involved in the business of real estate that I'm involved in. That if I can pass on a sizeable net worth that he will be able to multiply it. As my children age I expect to put them to work in the family RAe business. My 12 year old soon is about to start part.time.summer work helping with the apartment construction I'll be doing this summer. Hopefully over the years they'll learn lessons about spending wisely and navigating the risks of investing.
Over the last decade or so, my wife and I have put together a nice little rental portfolio, we've really grown as landlords and property managers, and we have a nice little life that's just getting nicer. Net rental income has almost completely replaced what we used to make in our jobs. We can see the finish line, when we call it quits, sell and put out money into more stable assets, retire to a nice sunny place far from Pittsburgh, and enjoy our lives.
Our one regret is that we didn't have children. It just wasn't in the cards for us. In the beginning, we didn't really know what we were missing, but later, as the assets started to grow in place, we both realized that if we did have children, and we left them what we had, we would more or less be inviting destruction and misery on their heads in most cases. Raising kids when rich is a hard, thankless job, and most rich parents fail miserably at it. I can only imagine in stark terror the mistakes I would have made as a young man if I had had the money to make them.
For those of you who have met with some success and have children, what's the end plan? I know there are some guys here who stay up nights figuring out how to pass generational wealth to their children successfully, looking at you, @Steve Vaughan.
What are the rest of you doing?
In our culture housing is generational wealth, my grand-dad gave a house to my mom/dad , my mom/pop gave me houses and some inheritance, and I bought it over here and will give it to kids too....
it has been in tradition for 101 years lol....some cultures not just passing a house but also passing a business/company too, look at South Korea.
if you think about in 2023 you are late hundred years.
Oh, wow. Well, you see, Carlos, yours is not the only culture where housing is generational wealth. We Greeks do it, too, they even made a movie about how that works with us.
And my people were writing philosophy when yours were---
(SORRY, GOTTA STOP THAT!!!)
haha ... in many Asian cultures generational wealth is the default, not the exception, the elder generation passes them housing, a vacation home, a business, a company, mineral rights, and sometimes a political position as well lol it is a way to continue family (and dynasty) legacy so you (as an elder generation) would be remembered by the community.
Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
2y
Honored to be a part of this group.
I grew up in a house that had a hand pump in the kitchen and we had an outhouse in the shop out back. I thought everybody had that?
Curiously you can expose kids to exactly the same stimuli and they draw entirely different lessons from it. I have 2 boys and 2 girls.The girls are ideal money mangers and completely suited to managing properties and tenants whereas the guys are poor money managers and different very skill sets.
One son is a union foreman in Maui. The other son is still figuring stuff out and has difficulties with a structured environment. I can very much relate to that.
I have a daughter who is a total entrepreneur, runs a gym and is a licensed boxing instructor in Barcelona-she is also a bee keeper. Another daughter is a property development VP in Canada, we have a lot of laughs about who runs a tighter ship.
We are exploring 'gifting' as an option for passing on family resources.
Yes, we had an outhouse for many years. Our school friends thought it was so cool. We also had an iron tub in the front yard that my mom would fill with water and put black plastic over to help warm the water, then a little hot water from the wood stove, and we would take turns bathing in the great outdoors.
Rough stuff, but I don't recall ever being unhappy at that time.
Yes, we had an outhouse for many years. Our school friends thought it was so cool. We also had an iron tub in the front yard that my mom would fill with water and put black plastic over to help warm the water, then a little hot water from the wood stove, and we would take turns bathing in the great outdoors.
Rough stuff, but I don't recall ever being unhappy at that time.
my Wife Grew up on Puget Island under the same circumstances.. no hot water had to heat on stove and then fill bath out house etc. Go out logging with her Dad.... myself I always had roof over my head and water heat and toilet.. My Dad got into Real estate in 66.. at the time we lived in an Apartment and he had a mid 50s VW with no back seats :) but he boot strapped it and within a few years things got a lot better when he discovered working for commish and frankly he was a good salesmen.
Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
2y
Great question @Jim K.! We don't have kids, but are in the middle of setting up a trust and the idea is to support the youngest generation in our greater family when they need it the most - in their 20s. I think parents can screw up their kids with our without money. My wife used to teach for 25 years and we have seen plenty of examples.
One big theme I see is people don't respect money they did not work for. Working hard for your makes you also work hard on your own financial literacy. Otherwise: we know what happens to fools and their money. Not having kids has advantages, for example, we travel every other month, but it would be nice to pass things on - like life skills and financial literacy.
But I have seen plenty of kids who did not want to have anything to do with their parent's rental properties. And I think they are right because making it on your own is one of the best things in life. I was most excited about real estate when we first hit that spot where we had several rental rehabs going on at the same time and I started to realize: this is actually going to work..! We will be financially independent. I have to admit I don't find the sense of entrepreneurial euphoria anymore, we are growing and proud of it, but the start-up excitement is gone. And I think you can take that experience from you adults if you just hand them a trust fund. Their goal in life shifts from "how can I build something" to "how can I spend it" - which is in a strange way much less fun.
"Die with zero" sounds great, but I have seen what health care in the US can take from you. A friend of mine in his early 30s got hit with a $13 million dollar bill for a cancer treatment. He is young and very fit, so fortunately it looks like he will be okay, but it made me think about what my wife and I may need.
When I quit corporate I was first in camp "screw health insurance and pay cash for doctor", but learned quickly there are some real limitations, plus in our screwed-up health care system you pay higher prices when paying cash. Thinking about retirement, health care is probably my number one concern. There is a good chance we will set up a second home base outside the US.
Could be in Austria where I was born and health care is incredibly cheap (and good) even if you pay cash. And the quality of living is very high. Or maybe in South America. I had such a great time last winter riding an adventure bike (motorcycle) all the way down to the southern tip last winter (which is summer there) that we want to go back and spend some time in Chile and Argentina this winter. Looking forward to that one!
Great question @Jim K.! We don't have kids, but are in the middle of setting up a trust and the idea is to support the youngest generation in our greater family when they need it the most - in their 20s. I think parents can screw up their kids with our without money. My wife used to teach for 25 years and we have seen plenty of examples.
One big theme I see is people don't respect money they did not work for. Working hard for your makes you also work hard on your own financial literacy. Otherwise: we know what happens to fools and their money. Not having kids has advantages, for example, we travel every other month, but it would be nice to pass things on - like life skills and financial literacy.
But I have seen plenty of kids who did not want to have anything to do with their parent's rental properties. And I think they are right because making it on your own is one of the best things in life. I was most excited about real estate when we first hit that spot where we had several rental rehabs going on at the same time and I started to realize: this is actually going to work..! We will be financially independent. I have to admit I don't find the sense of entrepreneurial euphoria anymore, we are growing and proud of it, but the start-up excitement is gone. And I think you can take that experience from you adults if you just hand them a trust fund. Their goal in life shifts from "how can I build something" to "how can I spend it" - which is in a strange way much less fun.
"Die with zero" sounds great, but I have seen what health care in the US can take from you. A friend of mine in his early 30s got hit with a $13 million dollar bill for a cancer treatment. He is young and very fit, so fortunately it looks like he will be okay, but it made me think about what my wife and I may need.
When I quit corporate I was first in camp "screw health insurance and pay cash for doctor", but learned quickly there are some real limitations, plus in our screwed-up health care system you pay higher prices when paying cash. Thinking about retirement, health care is probably my number one concern. There is a good chance we will set up a second home base outside the US.
Could be in Austria where I was born and health care is incredibly cheap (and good) even if you pay cash. And the quality of living is very high. Or maybe in South America. I had such a great time last winter riding an adventure bike (motorcycle) all the way down to the southern tip last winter (which is summer there) that we want to go back and spend some time in Chile and Argentina this winter. Looking forward to that one!
I hope you went fly fishing when you drove your cycle down through flying fishing nirvana :)
this is a great point you make about health insurance.. I see all these younger investors when you ask how much do you need and your done.. and many will answer 7 to 10k a month.. but as you age out health insurance ( if you want the best like we do) is going to take a huge bite out of that. our medicare and supplemental is right at 2k a month for both of us total so If we though we could live on 10k well thats really 8K.. I had a home in BC CA for years and spent a lot of time there and have a lot of Canadian friends and they like to talk about how cheap they get insurance.. but god forbid you really get sick..
Rental Property Investor · Burlington County, NJ · Member since 2019 · 540 posts · 771 votes
2y
No, I don't worry about my kids. They have had 20 years of watching and hearing how their parents built wealth and comfortable lives. A free class in life.
Now, my wife and I watch and lament the fact that most of our 8 young adult children make decisions and show work habits that greatly differ from the ones that we had at their age. Because of this, I am donating 25% to my alma mater. My wife, who should long outlive me, will decide what to do with the rest. If there is wealth at the end, I hope that she will give the money to people and causes that are good investments.
Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
2y
Thank you all for contributing. It's been a while and I realize I've been posting a lot less, but I came to the opinion that THERE ARE LOTS OF YOUNG PEOPLE WHO ARE A WASTE OF SKIN and IT'S VERY POSSIBLE TO FAIL AS A PARENT through my experience as a teacher.
The worst failure as a parent that I ever saw in my position was a Greek national lottery winner. You wouldn't believe this guy. I would have lessons with his daughter after school, while he would be in the next room of their very nice home drinking, watching sports, and throwing things at the TV. His wife, a former public school teacher, would be sleeping off her morning wine consumption. As soon as our lesson was over, this dude would loudly shout to his daughter, tell her to go to the local betting parlor, give her a wad of money and a list of bets to place for him. Did the girl even have a ghost of a chance to become a useful citizen under those circumstances?
But there were many others. I met a lot of private language school owners' kids. Again and again, these self-made people would place their children in positions of unearned authority in their schools, hoping to train them to take over. The kids were, predictably, the worst management flakes you could imagine, born to privilege and completely unaware of it.
Because at the time the socialists pretty much ran Greece, I did a number of lessons with high ranking public servants. Again, the kids were usually not particularly good at doing what needed to be done for them to pass the tests I was preparing them for.
Whatever socioeconomic level the people I worked with were at, I never saw a Greek boy with an absent or mostly-absent father do well. Never. I'm sure there are exceptions, but I didn't seem them. Whatever the reasons he wasn't at home and wasn't available, his boy suffered for it.
In point of fact, it is my observation that I have never seen a functional Greek family were the woman didn't have near-total control over the family finances. Never have I ever seen a moderately financially successful Greek father with high-functioning, impressive kids who didn't come straight home after any job he was employed at to hand his paycheck to his wife, who almost always also did the accounting for his family business, if he had one. Infidelity is a really miserable though largely pervasive look on Greek men.
I was lucky enough to see that my people as a whole utterly suck at prosperity outside of those very careful boundaries. But within those boundaries, my people can grow wings and raise outstanding young people.
Given that background, along with my being childless, and of course my extensive readings in personal finance, I am very curious to see what people's game plans are with their own children in the real estate tribe.
I should add, in conclusion, that overall, I think Americans raised in the Millennial and Gen Z cohorts are more impressive than any since the Greatest Generation. This country is being left into a beautiful embarrassment of riches as I see it. These kids are really head-and-shoulders more prepared for life as useful, capable people than my own Gen X (I was born in the mid-70s) or the Boomers.
But it doesn't happen by accident, and yeah, there are plenty of Millennials and Gen Z who are likely not going to set the world on fire. I want to know how, as real estate people, the community is working to keep adding to the number of low-functioning new American citizens.
Rental Property Investor · Scranton, Boston · Member since 2013 · 100 posts · 40 votes
2y
I'll be spending every cent I have on me and my SO - Happy to help out the kids while I'm alive, but they need to learn to be self sufficient, independent and productive members of the planet.
Rental Property Investor · Ellsworth, ME · Member since 2021 · 1k+ posts · 2k+ votes
2y
A good friend of mine refers to parenting as flying a plane that you can never land. I'm never 100% on solid ground and sure of myself.
My daughters are 8 and 10, and the tough part is that I did my hardest work before they were born. I've started the same business 4 times (sold twice, failed twice), and for the first 3 it was a work all day cold calling and spend all night bar tending and waiting tables during the first year or two. I wish that my kids could have seen that, but I'd rather have the time with them now. We (wife and I) are financially independent and not working at 41 and 39, which is I still can't believe worked out; our kids know that we're different and that is not normal. I do, however, have a small part of me that wished that they had a front row seat to see us grind, fail, struggle, and ultimately win. Again, I'd rather have the time with them, but all that I have now are the stories of how hard it was - that may or may not stick.
I ultimately land on this like I do all things with parenting - I'm trying but who knows if it'll be effective. I have started and will continue to start small business ventures with my daughters, teach lessons on their level, bring them along on DIY projects for properties, etc...we'll see how it goes. I'm doing a better job than my Dad did, but that's a pretty low bar.
I'm a fan of letting our kids go through stress but knowing when it turns into distress and stepping in to help if I can (financially or otherwise). The degree to which we help them in young adulthood will largely depend on their character, work ethic, and money habits. As for what happens when we die, that's something we re-evaluate as time goes on.
Specialist · Grand Rapids, MI · Member since 2020 · 116 posts · 80 votes
2y
@Jim K.
What a great question! But it really depends on a number of factors.
Full disclosure, I consult on this type of thing whether it’s for biz owners or RE investors for more estate planning type situations. In other words, how and what is passed on tot he kids.
Some want RE to pass to the kids as is, and some they want to liquidate because of the headaches you mentioned. It’s somewhat determined by their own experiences.
Also, some kids what the RE/business, and the other kids what cash. Or if there are multiple siblings, we ask which ones want which?
Usually, we’re using different types of trusts and entities structures to help with estate taxes, etc. Some are BDITs, SLATs, Charitable LLCs, etc.
Some help with getting out of the 1031 exchange cycle as well or even pass that to the kids or charities. Sometimes this is used for tax planning strategies as well.
Lots of different planning options for those with the same questions. But a very persona choice because there are sooo many paths.
Investor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
2y
I see no mention of the federal estate tax exemption limit and its role in decisions. Currently $13m/$27m but currently getting halved at the end of 2025 (which is coming fast).
I grew up the poorest household in an upper middle class neighborhood. We had a nice house, but no car, no money for transportation, no Money to go out (I did go to cheap day movies that were $0.99). I had friends with a lot more money than I had but my best friend across the street also be did not have much money and a 20 year old car. I had a good childhood, no complaints.
My primary goals for my child have less to do about him being financially successful than enjoying life and contributing to the world.
My son started life very motivated. School, scouts, sports, friends. In middle school and early high school he had a handyman/gardening business. He grew it to about a dozen part-time employees that were employed enough that he had waitlist of services to provide.
exceptional in many areas then senior year it was slipping when Covid hit and it slipped further. He walked away from the business he built (took over by his best friend, but closed up when friend left to UCSC). He had a horrendous for him senior year (still graduated 4.2 GPA and accepted to his 2nd college choice, UCSB). We paid for his college, he paid for his fun. College started covid impacted (first 2 years) but also his motivation was not good. 3rd year motivation improved (still not to the child that excelled at virtually everything until 12th grade) but then the TA strike impacted his classes. He is graduating but not with the degree that I felt could be a passion and not a degree worth much. But he does not want to continue his formal education at this time.
Most of our return in a year is from appreciation and not taxed. With current rules when we die it gets a stepped up basis and that appreciation is never taxed. Our cash flow and other sources of income is modest. we gave away over half our “income” in 2022 and 2023. Expect to do so again in 2024.
This includes maximizing our gift to our child with the understanding that it is to be used to purchase RE.
I would rather give it away than have an larger amount over the exemption limit such that taxes takes a huge chunk. So we have gifted nieces, nephews, family friend’s children money for their college fund, and some select charities.
my son recently has talked about a few paths in a couple months: 1) green peace 2) continue formal education in Europe (he is fluent in German and has some Spanish but can pick up languages fast - he got this from my mom (skipped me)) 3) RE investor, but he does not have an understanding what it means to be an RE investor.
He has to choose his path. I provided a foundation that prepared him for life. Education. At least early motivation. Contacts. Lessons in life. Money for down for his initial RE purchase. Now he has to make choices and put forth the effort to live his most rewarding life. I am willing to help if needed. I can teach him a lot about RE. Not sure what help I can provide on other 2 options but I have some contacts in Germany.
I see no way we can spend what we have accumulated, but we can spend what we. Desire. He will eventually inherit something but hopefully his path is well set by that point and he has no need for the money.
Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
2y
Hey Jim.
Here are some things that I do as an investor and also as a licensed therapist that focuses on children and families.
I have opened up LLC's with my kids and purchased properties with them. They get to work on the properties but they really don't do a whole lot yet. But they have been exposed to it. The money that the properties create can go to 4 things, paying for 1) a mission, 2) schooling, 3) a wedding, and 4) a down payment on a house. Those were 4 things that my parents helped me pay for as a young adult. Everything else, they get to pay for. Now if they come to me with a business idea, then I will take that idea into consideration but I won't blindly fund their ideas and dreams. If they want those then they get to fund those. I will very likely end up helping a few generations with those 4 things and then leave the rest to my church; not my kids.
I have asked my kids if they would like my gold or my wisdom. If they say "gold," then I respond by saying, "wrong answer." If they say wisdom, I then say "correct answer, then watch and learn and ask me questions."
Investor · Member since 2022 · 3k+ posts · 3k+ votes
2y
I have four kids, with the last not even 72 hours old.
I've been fortunate to live a great life, especially the last 7 years. My upbringing was lower class but not poverty. I've seen and lived through poverty for a bit, but not enough to suffer from it. Just enough to know I never want to go there. I've been average, middle class to where I had to watch my budget, worry about my car note, pay my rent on time. I stressed about whose weddings I'd miss cause of funds, and allocating time. I worried about if that girl is going to take me seriously cause I drive this or rent an apartment.
I know there's that saying of hard times creating strong men, and the vicious cycle that it creates. It's not entirely wrong, and you have to artificially create an environment of struggle. Easier said than done, and I can't say I have succeeded in it cause I don't know the outcome.
But for me the priorities for my kids are to try everything, see what sticks. To put a strong focus on cultural appreciation, the value of time, the value of money, and the value of one's effort. How am I doing that?
I create an environment of scarcity & delayed gratification. I don't always reward great behavior; you can do great things and not be rewarded. And as a man, most know that. You'll now really focus on why you did that behavior, and what truly motivated you. Outside of birthdays on birthdays, nothing comes the time it's suppose to not even Hannukah presents. When soccer practice is hard cause we're struggling to dribble, we're not leaving the field until we can dribble up and down it even if it's raining. That may be after the game at 4pm, till 10 pm. Quitting and immediate gratification is the crux of these new generations. I try my best to work against those.
As they get older, teaching them don't flex. Only flex on bullies, but beyond that always keep it trim. You never know what that kid next to you in class, or behind you or in front of you, is going through. Never now what that teacher or baseball coach has going at home. Why would you make things harder for them? You have to have enough respect not to poke it, but at the same time enough to where they cannot take it out on you. That's a fine line.
As for the trusts, etc. I have APTs and other trusts at each child's level, and clear instructions on how they want to move on it. Keep it and enjoy the process, or sell it and do something else. It's never simple, but I cannot control that and I don't want to. I've learned to let go. It'll obviously be updated as time goes.
Interesting question that I've been confronting a lot lately. My kids are 20, 18, and 18. They've known their entire life that I would not be paying for their college, but would allow them to stay home for free (I'm even giving up my office so they can have their own rooms, which is a bummer! haha).
They've all been working since 16 and between work, birthday gifts, and mutual fund growth, they've got about 40k, 20k, and 20k and paid off cars. I will say that I did manage to turn a couple grand of birthday gifts from grandparents, aunts, uncles, etc. into around 10k for them. So, I didn't really give them any money, but I did help their money grow pretty effectively and I'm giving them the gift of free room and board through college as mentioned.
This has always been my plan for my children and I've taken a lot of guff for it over the years. I could easily afford to pay for college and most people don't understand why I won't. It's hard watching them burn both ends of the candle and knowing that they could've gone to "better" schools, but I wouldn't change it as I am so proud of who they are.
In the end, they should inherit a lot more than I did. I don't think leaving them money is my job though. I think teaching them to get their own money is...
I am so impressed with your wisdom. What a blessing for your family. I am encouraged to not just start giving them money because I can.
I appreciate you sharing this.
I am just starting to encourage our daughter to think about using her savings to invest in a condo. She lives at home now. And college isn’t her thing. But she has a good job and saves most of her earnings.
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
2y
Good topic....My son and his wife will inherit my meager 'empire'. I've always felt strongly about passing on something of solid value to my child (now 35 :-) and inheriting a few pieces of property can be life changing and take a lot of stress away...particularly in this changing world (and country ) which I see getting worse.
I have recently talked with him about partnering up with me on some long term rentals, and now that he has a great job and very nice family income, he is interested. So rather than just getting a 'gift' one day, he will also have worked the industry and gotten his hands dirty....
Passing on RE is such a powerful thing to do IMHO. To the right person of course....I agree with Jim about the 'waste-of-skin' comment. There are plenty of examples out there, just turn on the news...
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
2y
@Jim K.
We have a trust that owns a Master LLC that owns many other LLC'S that own properties.
Our kids will automatically own the Real Estate Empire if something happens to me and my wife without going through probate. Hopefully that don't realize the value of this and knock us off early!
