Setting up a trust for your Kids, good or bad?
Ian Crates
Certified Business Coach and Trainer | Business and Management Consultant | Investor | Entrepreneur
A few years ago after my separation, it was decided to set up a trust for my son for when he goes to university.
The idea being this money could be used to help with his education, as education in NZ like many countries is growing every year faster than most countries national deficits.
Now the interesting question I guess we should ask is, have we done something that is of benefit or possibly negative to my son?
I recently had an interesting discussion with my son, and got basically told that he doesn’t really want to do anything and just wants to hang around, surf, go out and why shouldn’t he. He has a trust account he can use so what the problem.
I know, it sounds like we have brought up a monster.
It makes it even more confusing that some of his mates have just spent three years completing nursing degrees, paramedics and even teaching degrees in the last 12 months and none of them can actually get jobs. What makes it worse, they can’t even get interviews.
In New Zealand this appears to be a growing issue and maybe even opens up the possibility for another story.
I’m interested in your views, good or bad.
The Franchise Accountant | Mastering Cashflow and Profitability for Franchises | Non-Boring Conference Speaker ??
8 年Interesting question. Fine line between nurturing support and pandering. Are we teaching them to be resourceful and self reliant? The parent in me says support them, the entrepreneur in me says give them a nudge out of the nest
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8 年Hi Ian nice article -you got some good points, I think that if you bring kids into this world, no matter if we did get anything or not, I think its up to us, to secure there school, but a trustfond -can and will often bee used as a kind off -oh i got money, I dont need to do anything :) as you said about your son he is just like all youngsters :) now the problem about the young people that can not get work or interviews thats all over the world right now, and will get worse -I think...