While rigid control from the grave is destructive, establishing guiding principles for future generations is essential. The key is balancing dead-hand control (e.g., protecting assets from divorce) with significant flexibility to allow future trustees to adapt to unforeseen life events.

The creation of tax-advantaged "Trump accounts" for all American children makes it easy to gift financial assets. This policy could trigger a cultural shift where birthday and holiday presents evolve from physical toys to contributions to a child's stock market portfolio, normalizing early investing.

For families with young children undergoing a liquidity event, estate plans must include flexibility within irrevocable trusts. This anticipates future scenarios, such as deciding "how much is too much" for heirs, and allows for adjustments without breaking the core structure.

A recent rule allows up to $35,000 from a 529 plan (open for 15+ years) to be rolled into a Roth IRA for the beneficiary. This mitigates the risk of over-saving and provides a powerful retirement head start.

The decision for a child to attend college, especially if it involves taking on debt, should not be dictated by parents who aren't funding it. The person paying for the experience gets to influence the decision. Parents pushing their kids into debt for their own social validation are acting selfishly.

Instead of a fixed inheritance plan based on age, adopt a flexible strategy that scales financial support up or down based on a child's productivity and life choices. This approach, inspired by Morgan Housel, rewards effort and responsible behavior while avoiding subsidizing unproductive lifestyles.

Patel put company shares into an irrevocable trust for his kids when the business was small. Now that it's massively successful, he fears the guaranteed wealth will destroy their ambition and drive. It's a cautionary tale on how early wealth transfer can remove the character-building struggle essential for success.

The IRS allows a special provision to contribute up to five years' worth of gift-tax-exempt funds (e.g., $95,000) into a 529 in a single year. This tactic front-loads the account to maximize the time for tax-free compounding.

A clear framework for a family office involves three distinct asset "baskets." 1) Personal funds for lifestyle needs. 2) Tax-advantaged trusts for growth assets you can still access. 3) Legacy assets that are irrevocably passed down. This simplifies investment decisions.