Best of Money: How to stop Your ChildrenCatching ‘Rich Kid-Itis’  (如何不让财富毁了富二代们 ？)

You have worked hard all your life. You’vemade your first million by 30, and , hopefully, many more by 40. And along theway, you still found time to start a family, and have children.

But now, as you’ve reached your 50s and60s, and your children reached their teens, comes a tricky questions as how toleave your money to children without screwing up their lives.

So how do you, as Warren Buffett once said,leave enough for them to do something, but not enough to do nothing.

We spoke to a range of experts, wealthmanagers, and the wealthy parents themselves, about what you should do, andcamp up with a five-step-plan.

First, determine how much is too muh. In aFT’s long running interview series My First Millon, the question, do you believein leaving everything to your children, has rarely elicited a resounding Yes.

Lesley Pearse has the best response, saying that beyond help with property and education, she intended to spend as much as possible, adding, “if I had to stay in a nursing home,it would be a posh one.”

Next, think about the values you want to instillin your children. For Joho Roberts, chief executive of AO.com, the Footsie (FTSE)listed electro retailer, it all comes down to family values. He said he wantedthe children to work hard, think about others, and have respect for what theyhave and what they earn. But critically in all these he added, was for them tolive their own lives.

Third, education, education, education.Your children need to know more about money than merely spending it. Manyorganizations offer programs, internships as well as residential courses, thatwill teach the next generation financial planning and investing, philanthropy,the dynamic of shared family wealth, and longer-term issues, including wealthpreservation.

Forth, give it all away. For philanthropistentrepreneur Sir Tom Hunter, it’s a pressing dilemma. He told me that he wasworried that the great wealth would be a burden. But even a super rich isstumped when it comes to determining how much is too much to leave their kids.When I pushed him on how much he is exactly going to leave, he said it was silla working progress.

And finally, control your wealth, evenafter your death. There are many ways to pass the wealth through thegenerations, but one of the most effective, and tax efficient, is throughtrust. Many families would opt for the traditional trust found, accessible whenthe child reaches 18, or increasingly when they turn 21 or even 25.

But ultimately, we all want our children ordependents to be happy and healthy. But be careful,

词汇总结

Elicit     v.抽出，引出，引起

In a FT’s long running interview series MyFirst Million, the question, do you believe in leaving everything to your children,has rarely elicited a resounding Yes.

Nursing home      （老年人）疗养院，养老院

If I had to stay in a nursing home, it wouldbe a posh one.

Philanthropist     n.慈善家，博爱主义者；乐善好施的人

For philanthropist entrepreneur Sir Tom Hunter,it’s a pressing dilemma.

Screw up      拧紧；紧固；弄乱；非法抬高…的价格

But now, as you’ve reached your 50s and 60s,and your children reached their teens, comes a tricky questions as how to leaveyour money to children without screwing up their lives.

Instill     v.徐徐滴入；逐渐灌输

Nest, thing about the values you want toinstill in your children.