The personal tax prep burden would be unbearable without cheating or taking a statutory amount of personal expenses, which is essentially our current situation.

Arguably encouraging people not to save any money would be a moral hazard.

However, I think you’re really just saying you’d like personal taxes to be lowered, yes?

You would also have to train your kids to responsibly use the money without demonstrating it, as you’d just be hoarding it. People don’t have a good track record there, either.

I think the best you could do generationally with a million would be to try to invest moderately and draw down a small percentage (2-3%) to demonstrate fully considered use of the money. This would keep you in a middle class income but give you more ability to donate charitably, vacation together, let one spouse retire earlier, solve a financial crisis for a child, etc.

Letting them in on the thinking would give them a good chance to handle a high six/low seven figure inheritance, depending on how the investing goes.

Completely coincidentally, I’m typing this from the Aldi at 88 and 26, waiting out a storm.