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Concern Over Spoiling Your Children
Virtually every parent at some point wrestles with the perceived tradeoff of passing the maximum amount of property to his or her children and spoiling the children. Many parents are concerned that giving too much wealth to their children might spoil their work ethics and/or cause other undesirable traits. To combat this problem, such parents need to spend the appropriate amount of time and effort in working with their children to teach them how to use this wealth. In addition, their parents may want to condition their transfer of property on satisfying certain incentive and disincentive conditions. This is a great situation in which to use a family charitable foundation as a beneficiary, so that the children can become involved in benefiting others, as opposed to just satisfying their own material wants and desires. In addition, the benefits of charitable involvement can become significantly greater where your children's involvement in charitable giving begins during your lifetime. Properly planned and implemented, these efforts should help pass on not only your property, but also your principles, character, and ethics.
