Bitcoin for your children & future wealth distribution

[lovesmayfamilis]

What prevents you from creating several wallets for each of your children and regularly investing a certain amount of money in them? It doesn’t matter that the children are small; you are still their parent, who is obliged to raise the children until they reach adulthood. Why should they understand Bitcoin now? The time will come, and you will be able to give them what you now seem to be concerned about. The only thing you can't go wrong with is that the sooner you decide to invest in your children's wallets, the more they will receive as adults.

[Rao420]

In today era it has become very important to build asset for your children future. Investing Bitcoin in asset is a good idea . This asset will increase in value over time and will benefit our children in future . And if we invest a little today , tomorrow this asset can make our children financially secure because the future of Bitcoin is very bright it can be a stable and valuable legacy for our children.

[moneystery]

How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen?

i don't make a special plan to introduce bitcoin to my child, maybe what i will do later is introduce it in the usual way and if he is interested in it then he can learn it and inherit the knowledge and assets that i have. because i am not the type of parent who forces their will on their child that they must like/inherit what i have, if from the beginning i see that my child does not like it, then i will not force him to learn more about bitcoin. but if he likes it and wants to learn, then he is free to ask what he wants to know about bitcoin and he might inherit the assets that i have.

and also if i see that he only wastes money, and does not care about financial management, then maybe i will not let him inherit my bitcoin and maybe i will make someone else who understands it better to handle it, because my assets are too valuable if they fall into the hands of ungrateful people.

[legendbtc]

I think the future generation would know Bitcoin as they know of money. There might not even be a need to teach them because they will learn it anyway. You cannot not learn it. Decades from now, Bitcoin is probably a very popular and widely accepted alternative currency.

Anyway, I guess it's enough for me to prepare a bright future for my children. Whether I'm preparing Bitcoin for them or real estate assets or a business or stocks doesn't matter much. What matters more than anything else is that I'm doing my part to the best of my abilities to make sure they have a good life.

I am not sure whether Bitcoin will become an alternative currency or will become an asset like gold in the future but I agree with you that bitcoin will become such an important part that everyone will have to know about it, even if we don't teach them about it. Furthermore, if bitcoin becomes a currency, I believe that using bitcoin will become much easier, not as complicated and anyone can use it like we use fiat today. 

Actually, inheritance for our children will depend on our circumstances, how can we prepare an inheritance for them when our current life is still unstable? I see many people make a lot of plans but I don't know if they can execute them or not. Once again I agree with you, we should try our best to ensure the best life for them instead of setting many plans for the future while we still have many difficulties at present.

[Z_MBFM]

How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen?

Bitcoin is now very popular and a strong asset for us and we can say btc if future money. so it is very important for next generation to know about bitcoin. that's why i will definitely introduce my Child with bitcoin. and it should be long planning.

Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets?

Bitcoin is not our local Fiat money so servings for school/College is shouldn’t in btc. but btc can be save for future because you must hold your btc for long term to get potential profit from it. and will teach my child all step in very active process. then it will helpful for his life servings

[Findingnemo]

Passing your knowledge about wealth and passing your wealth are different, now you are trying for them to inherit your bitcoin savings now the knowledge because they don't really need to know about bitcoin in detail to have it but if you want them to then you need to work on a method that suit for them to understand.

Perhaps I should open their own Roth IRA accounts and just contribute to that account and direct the funding to a Bitcoin ETF so I can ensure that they will have had early exposure to Bitcoin and ensure that they all have their own accounts. Sure it’s not the same as pure Bitcoin it’s paper Bitcoin but at least the exposure is there.

Instead of Bitcoin ETF you can just give them the real bitcoins, by using locktime feature that locks your bitcoin on the desired destination for x number of blocks that you can design as long as you want then only the user can access the funds.

Read more : Using Locktime for inheritance planning, backups or gifts by LoyceV

[tabas]

How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen?

I've got some other assets that I can say will be good for the long term and as for inheriting my BTC and introducing it, just like you guys, my kid is still young. I'd wait for the right moment to introduce it but for now, this is a talk with my wife. So, whatever my plan will be when the time is right, it will easily be passed on and let alone my kid or my wife do the rest.

Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets?

I'll mix it up, some cash, some BTC, and whatever I think is best will do. While we're all enthusiastic about Bitcoin, diversifying is still a good option.

[BABY SHOES]

When it's time I will introduce bitcoin to children, it's just that now they are still small, let them play with their own age, I will not force them to introduce bitcoin early on.

I always have a plan to make savings in bitcoin just for the future of my child when he grows up can finance in college so I don't have to bother looking for a lot of money when he is old while this plan just wants to be done early so this is a good initiative that will be implemented soon.

I will not bequeath wealth to them, let my son seek his own wealth from bitcoin after he gets to know more deeply as for when my wealth continues to grow then when I die then the wealth is for my son who has become his right, but until whenever will not give them any seed phrase to them.

[DiMarxist]

Op there is always a time for everything and time to observe and time to learn and time to invest. And the observation stage is not the time to learn, and at that stage they are only observing you, seeing what you are doing and probably you might not want the to learn at that age because of their age. And I think from 6 years, they can learn gradually till at the age of 13 to 15. Then you can open wallet for them and start the investment and make sure you show them every step taken so that he or she can do well. And if you are not depending on campaign coins and you have a physical job that is giving you income then you don't have to worry.
Because when your children grow up you definitely train them to invest in bitcoin.

[EL MOHA]

I still think that passing down the wealth for your heirs with crypto will prove to be very problematic. It’s surely something that could be unevenly distributed & deviated from the wishes of the will since there are no real safeguards in place to ensure each child / beneficiary gets what has been set aside for them, right? I think this will be more of a long term solution that will come down the line, the real issue here is that having such safeguards in place could very well compromise the intent of Bitcoin in the first place. These answers I believe would be achieved through custodial methods, or how else could one achieve this goal??

Seriously I don’t think there is any problem that will arise in the future if at all you safeguard the wallets properly. First that caused a lot of worry to many people is how the knowledge of bitcoin will be passed down to the younger ones I will say this, it is definitely not an issue considering how the adoption rate of bitcoin and cryptocurrency at Large are growing. You will be astonished to see that even some schools will later implement it into teaching if the growth rate continues like this.

The major problem is how to safeguard the wallet you allocate to them which to me is not a big problem, first thing is make sure their is a clue to where you save the keys or seed phrases so that should anything happen then they will get access to it. Secondly there is a lock time script that prevents spending from certain wallet or address till a specific time, you can make use of this and secure the funds properly.

[yudi09]

How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen?

Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets?

Storing assets in a hot wallet is not as safe as using a cold wallet, so yes, I use a cold wallet to store Bitcoin which I will use as a long-term asset.
Still have no plans to create a cold wallet for them because I think the wallet I use as Bitcoin storage can be allocated to them by providing a private key or seed phrase to be able to access the assets in my current wallet.
It is not yet time for them to be fully taught apart from their wives about this asset.

[Gaza13]

In today era it has become very important to build asset for your children future. Investing Bitcoin in asset is a good idea . This asset will increase in value over time and will benefit our children in future . And if we invest a little today , tomorrow this asset can make our children financially secure because the future of Bitcoin is very bright it can be a stable and valuable legacy for our children.

Indeed, in the history of bitcoin, as time goes by, its value increases very rapidly, and this also applies if we store it for a longer period of time. To achieve just 1 bitcoin is currently very difficult, of course you have to work extra to achieve it. I think it is difficult if we only focus on one instrument so that your child is financially secure for his future life.

Of course, if you want to pay for your child's school education at a much higher level, this will most likely help with your child's school costs. You shouldn't just focus on one instrument, at least you have to create a foundation for any business that is as big as possible for your financial income (income) so that your grown-up children will be financially secure in the future. At least if your children are adults they can continue the legacy you have built over the years.

[m2017]

How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen?

There are plenty of instructions on how to familiarize yourself with bitcoin on the Internet. It is not enough to simply pass on wealth to subsequent generations. It is necessary to teach them how to manage their inheritance prudently, otherwise they will not have enough money if they get carried away, for example, by gambling.

Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets?

You can simply transmit seed phrases from your wallets. You won’t take this with you to the next world, right. Diversification will never be superfluous and therefore, part of the savings can be left in traditional forms of assets.

I keep thinking about setting them up for success but I am much too early right now my kids are very young and they wouldn’t begin to even understand Bitcoin for quite a while.

They will have to come to success themselves, because you can only prepare them by investing useful skills and knowledge.

Sometimes I feel that I am doing them a disservice by contributing to a 529 savings plan as opposed to their own Bitcoin storage accounts.

What's stopping you from switching to bitcoin?

Perhaps I should open their own Roth IRA accounts and just contribute to that account and direct the funding to a Bitcoin ETF so I can ensure that they will have had early exposure to Bitcoin and ensure that they all have their own accounts. Sure it’s not the same as pure Bitcoin it’s paper Bitcoin but at least the exposure is there.

It’s strange to hear this from a user who knows how to distinguish pure bitcoin from dubious surrogates.

I still think that passing down the wealth for your heirs with crypto will prove to be very problematic. It’s surely something that could be unevenly distributed & deviated from the wishes of the will since there are no real safeguards in place to ensure each child / beneficiary gets what has been set aside for them, right? I think this will be more of a long term solution that will come down the line, the real issue here is that having such safeguards in place could very well compromise the intent of Bitcoin in the first place. These answers I believe would be achieved through custodial methods, or how else could one achieve this goal??

And what are the guarantees that if you turn to the services of custodial methods, that each child gets what has been set aside for them? Just assurances from the service provider and a piece of paper about it?

[2Pizza410000BTC]

I will introduce my children to Bitcoin when my child reaches the appropriate age. I don't want to introduce my child to bitcoin right now because my child is studying right now. My child is not too old now his age is schooling age if I introduce him to Bitcoin at this age I think my child will have a lot of difficulty in his education because he will develop an addiction to Bitcoin. Of course, my children see how I earn money, so if my children develop a feeling that I will earn money like my father, it may harm my child's keeping.

A parent never wants his child to become a bad person, a father always wants his child to become a good person. I am trying hard and spending everything for my child's education. Also, whatever I am earning, these are all planned for the future and I am earning. I definitely saved bitcoins for my child's future and am still going through the savings. But if I can accumulate bitcoin like this I can give my child a lot of money one day.

I've created a wallet to hold my investments but I'll just deposit a lot of bitcoins I'll never take out. My wallet is not a hardware wallet but a software wallet.

[Furious 7]

The age of children is still a very good age in learning all things including with bitcoin but in the end children must remain with the development of children their age. Introducing bitcoin is very good but we also don't have to peg it so that they do what we always do, especially in investment matters because they have the right to choose and do what they want to do and we only need to support it so that what the child wants goes well.

As for their future regardless of whether they want to be in bitcoin or not that's a back matter, it's great if they follow in our footsteps as parents but if indeed they don't have the same interest in the end it's also okay considering all have their own path. It's just that if we still want a share of bitcoin and save it for our children it is also a good thing because regardless of whether it will be continued by them when they are adults or indeed finished after they get the bitcoin we collect everything returns to choice because we do not have the right to force others to be in bitcoin including our own children.

[virasog]

How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen?

I think we have made this question a bit completed because we think that bitcoin should be early introduced to children which is not right.
The perfect answer to the OP question is to ask our selves that:-

1)when do we introduce dollar or fiat money to our children ?

2)What are our long term plan for passing down the fiat money wealth to our kids ?

The answers to both questions should be same even if the wealth is in the form of paper money or bitcoin. Hope this will make things clear that we do NOT need to transfer wealth early to the children. 

[Gladitorcomeback]

I don't see any complications in this matter. If you think your children are too young to be taught about Bitcoin and how they can import or use a wallet, you shouldn't have a wallet, preferably a hardware one, and keep depositing Bitcoin in it for their future. if you fear that something might happen to you before they grow older, you should write a will and include the seed phrase or private keys of the wallet where you have been depositing Bitcoin, and when the will is read to them later on, they will figure it out.

If they are old enough to understand it, you should go ahead and start teaching them about Bitcoin, what it is, how it came to being, how it is stored and how it is used. Tell them how they can access a wallet and how they can send and receive transactions, and then tell them that you have a hardware wallet that they should access and use when you are not around anymore. You should have the keys and the wallet in a safe or something that they could be able to access with a key.

[Rao420]

In today era it has become very important to build asset for your children future. Investing Bitcoin in asset is a good idea . This asset will increase in value over time and will benefit our children in future . And if we invest a little today , tomorrow this asset can make our children financially secure because the future of Bitcoin is very bright it can be a stable and valuable legacy for our children.

 

Of course, if you want to pay for your child's school education at a much higher level, this will most likely help with your child's school costs. You shouldn't just focus on one instrument, at least you have to create a foundation for any business that is as big as possible for your financial income (income) so that your grown-up children will be financially secure in the future. At least if your children are adults they can continue the legacy you have built over the years.

Very good thinking, If you want to increase your legacy , first train your children well and give them a good education.  Because science has also noted that what you teach children from the beginning, they will grow up to follow the same path.  Therefore we should make children realize from the very beginning that they are going to take a huge responsibility tomorrow.  Only through proper training and education can we strengthen our legacy.  Investing in the education of children in fact, guarantees the success of our generations.

[uneng]

These answers I believe would be achieved through custodial methods, or how else could one achieve this goal??

You are the one in charge of your money when dealing with cryptocurrency, so you should be the one to decide how your heirs are going to have access to that money once you are gone. To rely on third party services such as banks and judiciary system to solve such impasses between the heirs once the patriarch passes away is a dumb idea which always results in further losses and expenses which could be totally prevented if the family was just more organized and transparent beforehand.

Teach you children as soon as possible about Bitcoin. Introduce them to this payment method and investment category, so they will be already familiar with all the essential features once they have to access and manage your funds for real. I believe it's part of the responsability of each father to do this for his future generations and welfare of the family.

[Onyeeze]

For you to introduce your children into cryptocurrency most especially Bitcoin it's not something that has to do with a steps or strategies it is a basic knowledge that will make you to transmit the understanding of Bitcoin specially to your offsprings, I believe that inverting your children the knowledge of Bitcoin even your wife is good and you should do not force them to understand or to develop interest in Bitcoin only develop interest to anyone who is interested into cryptocurrency network and the investment because sometimes it is not good to someone to learn bitcoin or to develop interest in Bitcoin your children can be lover of Bitcoin ordinarily and your function is to break it down to them to ensure that they have understood they strategies of cryptocurrency investment mostly Bitcoin and other basic functions of it