We're in our 40s with $7 million in assets and we don't want to spoil our child as a trust fund baby - what should we do?

Teaching children to be financially independent while providing some support is essential for their future. Parents should establish clear rules to avoid entitlement while still helping with goals like college or home purchases. It's vital to have open discussions about finances as children mature, which aids their understanding of money. Parents can celebrate their financial success while ensuring their children learn the value of hard work and responsibility, preventing them from becoming spoiled or overly reliant on family wealth.

If you have plenty of money, then it's natural to want to give your child the best start in life.

There's a difference between helping your child out financially and spoiling them with a trust fund.

With careful rule-setting, they can get the best of both worlds.

Open conversations about finances can help children learn the value of money.

Read at 24/7 Wall St.