"He also doesn't like talking about his money, so I don't ask. The last conversation about his estate planning was more than 10 years ago, about how money would be divided between him and his then-wife, and that her daughter "Emily" would inherit from her, while I'd inherit from him. He's been vocal in the past about how inheriting at a young age can mess people up, but he's not worried about me (at least in part because I'm already middle aged)."
"He divorced his second wife quite some time ago, but still sees her daughter "Emily" regularly, which makes a lot of sense; they were closer than I was to Emily's mom. Emily is a single mom to a small child, and it's likely they will be the only kid this generation. Is there a way I could bring up to my dad that I'm perfectly happy for him to set up something for Emily's kid when they get older?"
"Given decades of compounding, it wouldn't take much money at all now to ensure that now-toddler will be able to retire in their 60s. And I think it wouldn't trigger my dad's concerns about a young inheritance stunting someone's pathway to independence. Emily and I aren't close-we never lived together-but she's had some career and education struggles, and isn't great at long-term planning."
A wealthy retiree avoids discussing money and last set estate plans over ten years ago, designating his then-wife's daughter Emily to inherit from her while the writer would inherit from him. The father has cautioned that young inheritances can harm recipients but does not worry about the writer. Emily is a single mom with a toddler who may be the only child this generation. A modest, long-term account started now could grow through compounding to secure that child's retirement without promoting dependency. The idea is thoughtful, and the father would likely be open to hearing the suggestion.
Read at Slate Magazine
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