Depends on your specific circumstances. I'd help my kids get a start in life without major debts. Help with college, maybe help them a bit with rent or car insurance until they are on their feet. This is only as long as they are making the right moves in try in trying to become self-sufficient. I'm not talking about totally taking care of them or supporting bad decisions. And there is a specific deadline when they are on their own. Age 25 for mine.
I'd probably set up a type of trust fund for my grandkids. Something like $10,000 a year for five years, starting when they reach 18. Again, help them if they go to college or when they start out in life, but not enough that they can retire and live the good life for five years.
Be very careful in helping relatives. You parents and kids definitely, but for others, you can really hurt family feelings if you are not balanced and fair. And what you consider fair is not what a sibling, niece or nephew would consider fair. I am a strong believer in education, so I would possibly offer to help (not totally pay for but help) my nephews and nieces or their kids with college expenses as long as they met certain conditions. But I'd expect to hear a lot of excuses why some don't meet those conditions and some really hurt feelings no matter what you do. Where money is concerned, it is impossible to keep all realtives happy.
I probably would take my wife on that European vacation she would enjoy. That would not take all of the $150,000, but it would take a noticable chunk of it.
I'd probably set up a type of trust fund for my grandkids. Something like $10,000 a year for five years, starting when they reach 18. Again, help them if they go to college or when they start out in life, but not enough that they can retire and live the good life for five years.
Be very careful in helping relatives. You parents and kids definitely, but for others, you can really hurt family feelings if you are not balanced and fair. And what you consider fair is not what a sibling, niece or nephew would consider fair. I am a strong believer in education, so I would possibly offer to help (not totally pay for but help) my nephews and nieces or their kids with college expenses as long as they met certain conditions. But I'd expect to hear a lot of excuses why some don't meet those conditions and some really hurt feelings no matter what you do. Where money is concerned, it is impossible to keep all realtives happy.
I probably would take my wife on that European vacation she would enjoy. That would not take all of the $150,000, but it would take a noticable chunk of it.
