Giving money to adult children?

Same here.

Just because you're a billionaire doesn't make you a control freak.

I'm not going to BUY my children's time.

However, if that's what they're doing, then it absolutely does come with conditions doesn't it.

Controversial but I've been getting an allowance from my dad since I went on maternity leave with my first born, it tops me upto what my income was pre kids. It was only meant to be for a year but nearing 3 now and I would really struggle without it.

worth mentioning, I live with my partner but we don't share finances. My allowance lets me feel semi independent and I doubt our relationship would have survived otherwise

I think some people on this thread are missing the point.

Of course we all want to help our kids, and smooth their path. But we also want them to be well-rounded human beings, with a sense of self worth that comes from being largely independent.

Giving your kids a helping hand with a house deposit, or buying them a car, is not the same as giving them so much money that they never need to lift a finger as long as they live.

@Sarah2891 and it's up to us if we want to have an opinion on it.

People shouldn't automatically believe everything they read.
But if it's true then that's up to them.

All rich people to this. How do you think the Royal family get money (and no, I don’t think cutting ribbons counts as a purpose in life). The people who appear in ‘Made in Chelsea’; the children of Rod Stewart; etc etc; Princess Di back in the day - they live in beautiful homes but have ‘creative’ or low paying jobs - if any - because daddy pays.

I’m shocked people don’t know this.

Same - giving a million is probably the same to them as me giving a few hundred!
I’d always help my kids, can’t understand people that won’t.

With that kind of wealth, a family trust would be an effective way of distributing to offspring without ruining them with excessive wealth, whilst having tax benefits (though trusts are taxed)

Why do you think she doesn’t have a purpose in life?

In the UK I believe there is a way of giving your adult children money which does not come under IHT. I think it is,if it is a specific regular unchanging amount , for the foreseeable future and it comes out of spare income ( so not having to dip into savings to cover it. ) Whether that is the same in US or not I don't know. I haven't done it myself but I do believe it is a way of passing on money , legally , without incurring gift tax or later IHT.

So a sudden one off larger amount for a deposit or a house would come under gifts . I think I'm right here but those who know more than me , please comment

£12 million is nothing to a Billionaire. That was explained on YouTube with coloured stones during Covid, when Billionaires were laying people off and not paying cleaners etc.
So your a Billionaire and want to meet up with your children, are you really going to not throw them the equivalent (to the rest of us) of £25, rather than have to work around their work shifts? Or not go on holiday because they can't get the time off?

Please can you explain this more?

I am flabbergasted that grown adults get an allowance!

Why not just buy you a house?
I am assuming it’s your inheritance so why not just give it all to you now?

I mean, I have no idea about this stuff but it just sounds like a way of transferring wealth without paying tax or something.

I would never give my adult child an allowance.
I think that’s setting them up to fail if you can’t keep on top of it.

But if I could afford it I would 100% buy them a house, deposit, holiday, car etc.

It’s the regular payment (for doing nothing) that is the issue.

I agree with a pp who said there are tax advanges. Given the option between working or being given £1 million a month, I'd take the money and anyone who says they wouldn't is telling porkies.

And yes, I think BB had a falling out with his parents over money. Still, no reason why he can't work if he has to

I don't think purpose only comes from working. I imagine she'll have kids then that will be part of her purpose, same as any other stay at home mum, it's not like they lack purpose.
She will probably do charity work too.
I think it's funny that regular working people are trying to tell billionaires how is best to live, we all know we would switch given the chance!

It's a genuine question. How do we know what strings are attached? How do we know the amount quoted is even true? Billionaires don't stay billionaires by handing out 12m a year to each child.

We know nothing about their actual lives of arrangements, only what they share which is very selective to portray certain images.

You think how do we know is a stupid question, but just blindly believe something that's been read by someone on an anonymous forum?

Always someone has to ask the "gotcha" stupid question.

She’s probably just at a learning centre which are more flexible and has a travelling tutor if needed

why not. If you can afford for them to try lots of things and find some they are passionate about why not?

probably it’s conditional. And I’d probably have rule if they haven’t figured out by a certain age they work in the family business

the whole point of money is freedom why wouldn’t you want that for your children if you could provide it. It’s not like they won’t have an education.

DP is 34 and his grandma slips him an envelope with $1000 cash every now and again - for his birthday, for Christmas, his first holiday with me, for the summer, etc.

I think it’s lovely 😊

I was wondering why she wasn't in school.

I guess she won't be needing any qualifications.

It’s all relative. Her family are billionaires. Pocket money of $1m a month is like someone on a modest wage giving their child $10 a month (buying them a coffee & cake once a month).

Why wouldn’t you help your children out?

MN is very odd about this sort of thing, but in the real world everyone I know has helped their adult children in some form (usually letting them live rent-free into their 20s).

How do you know this?