• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • WHO WE ARE
    • About Our Firm
    • Attorney and Staff Profiles
    • News and Events
  • Areas We Serve
    • Essex County, MA
      • Andover
      • Beverly
      • North Andover
    • Hillsborough County, NH
      • Manchester
      • Nashua
    • Middlesex County, MA
      • Concord
      • Lexington
      • Wakefield
      • Winchester
      • Woburn
    • Rockingham County, NH
      • Exeter
      • Londonderry
      • Salem
  • Services
    • Asset & Business Planning
    • Elder Law & Medicaid Services
    • Estate And Gift Tax Figures
    • Family-Owned Businesses & Farms
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Loss Of A Loved One
    • Pet Planning
    • Power Of Attorney
    • Probate and Trust Administration
    • SECURE Act
    • Special Needs Planning
    • Young Families
  • Elder Law
    • Coping with Alzheimer’s
    • Hospice Care
    • Medicaid Planning
    • Nursing Home Planning
  • Resources
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder law reports
      • Elder Law Resources
        • Elder Law Resources – Londonderry, New Hampshire
        • Elder Law Resources North Andover, Massachusetts
        • Nashua, New Hampshire Elder Law Resources
        • Woburn, MA Elder Law Resources
    • Estate Planning
      • Estate Planning Articles
      • Estate and Gift Tax Figures
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Asset Protection Planning
      • Business Planning
      • Charitable Gifting
      • Estate Planning
      • Elder Law
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Trust Administration & Probate
      • Wills and Trusts
    • Medicaid Calculator
    • Newsletters
    • Presentations
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss Of A Loved One
      • Probate Resources
        • Nashua, New Hampshire Probate Resources
        • Probate Resources – Londonderry, New Hampshire
        • Probate Resources – North Andover, MA
        • Probate Resources – Wakefield, Massachusetts
        • Woburn, MA Probate Resources
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Published Books
  • Seminars
    • Live Seminars
    • Online Seminars
  • Videos
  • Contact Us
  • Blog
  • Reviews
    • Our Reviews
    • Review Us

DeBruyckere Law Offices, PC

Serving Southern New Hampshire & Essex Country, Massachussetts

Call us today(603) 894-4141

(978) 969-0331

Online Seminars
Attend Free Seminar
Home » Retirement » What is SKI?

What is SKI?

August 27, 2015Retirement

It’s not necessarily an acronym for a new program, but for many families, they’re adopting it, nonetheless. SKI simply means “spending the kids’ inheritance” – and skiing is a growing trend in the U.S.

ski

Many celebrities and tycoons are enjoying this new found freedom – for the sake of their kids, of course. They say it makes their children stronger and more appreciative of money and everything that comes with wealth. Michael Bloomberg is one of those tycoons who’s happily skiing. He’s publicly stated several times that he will leave his estate to his own foundation, along with the Carnegie Corporation and thousands of other non-profits. With a $19.5 billion net worth, it’s easy to see how he could benefit those thousands of nonprofits. As for his two daughters, they receive nothing in terms of assets.

Warren Buffett and Bill Gates are two more in the uber wealth club who are skipping the massive inheritances.

Another example is John Arnold, a 42 year old multi-billionaire, who sold the vast majority of his hedge fund a few years ago. Before then, he was already enjoying a net worth of more than $4 billion. He and his wife have chosen to give most of that wealth away and his wife has stated many times that “dynastic wealth” is something she and her husband do not believe in. Their three children will receive nothing.

It’s believed 25 percent of American parents are going with the “less is more” mentality of leaving very little, if anything, to their teens or adult kids.

Pressure from the Kids

Many of us can relate to our little ones and their pleas of “Pleeease let me have this! Pleeeease!” Of course, they grow up and those Barbies or matchbox cars are no longer ‘must haves’. But one in twenty of those over the age of fifty have said they experience pressure from their adult children to loosen the purse strings on their inheritances and 25 percent of them say they’ve indeed given part of the assets to them.

Unfortunately, there are also those who say that they’re now concerned about having enough to retire on and because of that, they’re rethinking not only their estate planning as a whole, but also making decisions that include not letting go of those monies earmarked for their kids. We’re living longer and there are those always-present concerns about the economy and healthcare. Could it be that when adult kids hear “no” from Mom and Dad, they revert back to a child who demands what they want? Some say that’s indeed what’s happening and as a result, for their temper tantrums, those channels are permanently shut down by Mom and Dad.

This begs the question: why are so many otherwise responsible adults turning to Mom and Dad, even after they’re building their own families, for money?

It comes down to the same thing their parents fear – not having enough to support themselves in tough economic times. Mom and Dad know that tough times are temporary, but it could be their kids have never had to struggle. As one couple, both in their late 60s explained, “No one wants their kids to struggle, but no one wants their kids to become spoiled brats and demand their parents to fork over the cash.” Their solution? They’re skiing.

So is this a temporary trend or a new way of thinking when it comes to creating wills and estate plans? Time will tell.

If it’s time to update your own estate plan, we welcome the opportunity to discuss your options in how you choose to include your kids – or not – in your will. Contact our offices today.

  • Author
  • Recent Posts
Daniel DeBruyckere
Daniel DeBruyckere
Attorney Daniel A. DeBruyckere has been practicing law in New Hampshire and Massachusetts since 1998, and has helped hundreds of clients with their estate planning and elder care issues. He is very well respected in the area of estate planning, probate, trust administration, elder law issues, and business planning.
Daniel DeBruyckere
Latest posts by Daniel DeBruyckere (see all)
  • Do I Need an Attorney to Administer a Trust? - January 26, 2023
  • How Using a Trust Can Protect a Valuable Inheritance - January 24, 2023
  • What Seniors Need to Know to Protect Assets - January 19, 2023

Other Articles You May Find Useful

North Andover estate planning attorney
Should I Take Early Retirement?
North Andover area elder law attorney
How to Handle Two Generations in Retirement
Londonderry retirement planning attorneys
What Happens to My Retirement Account When I Die?
retirees
New Hampshire Ranked 7th Best State for Retirees
Retirement
New Hampshire Ranked #1 Retirement Spot
tips for saving money for retirement
Tips for Saving Money for Retirement

Download our free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram

Blog Subscribe

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Testimonials

DeBruyckere Law Offices, PC footer

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram
footer-logo

© 2023 DeBruyckere Law Offices
All Right Reseved.

Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.