Long story short, the local hospital killed my wife who was a young and successful attorney. A couple of weeks ago we completed mediation and the final settlement was for $6m. The attorneys will get 1/3 of that, we get the rest along with her mom. Before the court can finalize the settlement I have to come up with a plan for a structured annuity for my boys who are 12 and 15. We are working with a structured settlement adviser but each of my boys will be getting far more than they will need for college and related expenses.
My fear is that this windfall will make my sons think they might not need college or that having the guarantee of significant wealth right after college will negatively affect their education. The structured settlement proposals thus far start to pay out at 18 years old with $50k per year for tuition and another $2k per month for expenses for 5 years. Upon graduation they would receive a $75k lump sum then the balance of ~$220k at 30 years old. And this was a proposal for half the amount we ended up getting. With the structure and guaranteed payouts, they will each end up receiving around $1.5m.
I need advise on how to handle this and how to teach my sons to not let this money go to their heads. Has anyone out there been through anything similar? How do I keep my kids from becoming trust-fund brats? And FYI, we are all going to counseling and our counselors are helping with the psychological aspects of this situation.
Submitted April 21, 2019 at 02:41PM by t1951665 http://bit.ly/2INr6Z5
