Giving money to adult children?

[Menonut]

I don’t want to jump on the Beckham bandwagon but I’ve just read that Nicola Peltz receives an allowance of $1 million a month! Surely that’s insane?
What motivation has she got to go out and achieve anything for herself when she can basically sit on her backside and receive that.
Is that madness or AIBU?

I understand wanting to help your children and do the very best for them, and we will help our son as much as we can to get his foot on the ladder, but surely a time comes when they’ve got to be self sufficient and stand on their own two feet?

I’ve always like Peter Jones’s approach to this. He said he will double his kids earned income so if that income is 0 they will receive 0. If they choose a role that is in the charity sector or the NHS for example the amount he gives them will be increased. This means they are not scraping a living on minimum wage, but they have a purpose to their life.

It’s all relative isn’t it? Nicola Peltz’s family are billionaires and her lifestyle probably costs a fortune.

We give dd at uni £200 per week and some people probably find that terrible!

She goes to a private school in the UK. Well last I heard she did, as I know someone who has a child in same school. Will be a lot less strict on attendance for these kind of things.

I'm 37, married, own my home and run my own business - and my parents still send me money - not every month, but probably 2-3 times a year, on and "as and when" basis.

I have autism and can't cope working full-time so while I don't strictly need it, I very much appreciate it.

She won’t need an education or qualifications…mummy Vicki will subsidise anything she needs until she marries another nepo boy-babe of a minor celeb or footballer.

My SIL has had an allowance all her life plus a London town house bought for her in her twenties worth several million. She just isn't suited to working for various reasons.

Surely it’s no different to having a trust fund which is relatively normal in affluent circles.

I'm sure there are, but difference does that make? What kind of conditions would put you off saying yes to 1m a month? And if she doesn't like the conditions she's perfectly capable of saying no to the money.

It makes no difference to me, OP mentioned Peter Jones giving money with conditions like it was different, so I simply asked how they knew this didn't have conditions attached.

I wouldn't believe a lot of what is published by people gossiping.
In terms of what to give adult children however that is up to each family. I have paid for university fees for our 5 (so no student loans) and helped with a first property - all 5 chidlren now own a house. Now it is up to them (2 live at home rent free still but that is fine by me for now and they are the youngest). My parents' view and mine was to pay for education and then you make your own way. My parents paid our school fees from age 3 - 18 and university costs. I have done the same for my children too.

Your youngest two own a house but still live at home?

I don't agree with Peter Jones approach working in a caring role should be done because you're a caring person not to get more money we already have to many people in these roles who shouldn't be. What Nicole peltz parents do if true is also ridiculous there should be a happy medium

Well I agree with you about handing it to future generations but lots on here don’t. Many think it should go to the state.

It would never go to the state because there are too many ways to ensure it doesn't.

This! Most of us wouldn’t work if we didn’t have to. We can spend our time well in all sorts of different ways (volunteering, care giving, being creative/pursuing sports) or simply just being here. Our value and worth as a person is not dependent on our jobs/how we earn money.

DH and I are retiring this year and absolutely plan to start offloading our money, no better way than helping our young adult DC and potential GC. One is in a grad job and the other at uni (both have no debt) so it will be house deposits, weddings etc. Even just regular gifting to drip feed our money away as part of IHT planning. I’d rather they had it over the next 10-20 years than when we’re old or deceased. PIL sat on lots of money all their lives, it’s now going on carehome fees and IHT. If I get to 80 with little left I’ll take my chances. Spend it, pass it on early and die with zero!

Of course it would if inheritance tax wasn't avoided. It's a tax. Tax pays for state funded services.

Yeah i imagine children of famous/rich parents sometimes have different lives to other kids,

Who else is he going to give it to ? I wonder do her seven siblings get the same amount? And I think he has other kids too . Once she not spending on drugs then so what . Working for a living is overrated. Plus a house in Hollywood areas could be as much as $20 million .

I agree with that timing. The vow renewal was flicking the Vs to the Beckhams and this recent outburst will be exactly to put the boot in further.

NP is mid / early thirties - doesn’t have the career she wanted. BB always said he wanted loads of children - so I expect that announcement will be coming soon too.

I wonder if she is receiving $1m in interest a month on her trust? That might actually make sense.

I knew someone whose family member had ridiculous amounts of money (helped create a huge international bank). His brother was incredibly depressed. The brother I knew didn't work, and didn't have to. Just went out to fancy dinners, and lived a luxury life. Sounded nice on paper, but in reality was actually very dull, isolated a lot of the time, and not a life I would enjoy.

If I had trust funds for my children I would absolutely impose limits on them. Peter has the right idea in my opinion.

She does work though, she was in a film she wrote and acted in just last year. She models and also does charity work.

Being in traditional employment isn’t the only way to “do something valuable” with your life. Most people work to live, not live to work. She nearly has the means to not do the working part.

let’s also face it - tax write off. No inheritance tax is being paid on that.

We would all give more to our kids if we could. It’s all relative - they earn a wedge more than us normal people.

I’ve been saving for my son since birth. He’s got a decent amount now at 9. Any family money from birthdays etc I put in there. I pay monthly as do in-laws. He should have enough for a deposit in a house when the time comes. If I can help him, I will. If life can be made easier why wouldn’t you do that and pass it forward to the next generation? Can’t take it all with you when you go.

I just think the family are at a different level of wealth and so $1million is nothing,really. I used to work at an office with a billionaire and he gives his godchildren (so not even children) a heck of a lot of money - in fact he even gave me a very generous Christmas cash bonus once - more my own parents ever gave me

You're not buying your children's time, you are buying them time, by then not having to work, if they don't want to.

In some circles it’s very normal to give your dc lots if financial assistance.

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?

Those are your words. That's buying their time, paying them so you can see them.