Monthly Archives: August 2011

Children and their caregivers—race, class, and wealth in America

A few months ago I picked up my ten-year-old granddaughter after school in New York. The school (public) is surrounded by a double fence. As I approached the gate  I saw a large group of people (almost entirely women) gathered to collect the kids. The interesting thing about this group of at least sixty women was that half—if not more— were not of the same skin color as the white kids they were collecting. It was a diverse mix of Black, mixed race, Asian, South American, and so on.

My conclusion was easy to reach: the women whose skin color did not match that of the children were paid caregivers—nannies, babysitters, possibly some maids. In New York City it is especially easy to witness this phenomenon because any child under age eleven must be accompanied to and from school by a responsible adult.  Other large cities  probably have a similar, but less visible, demographic. Continue reading

Trusts, part 3: Inter vivos trusts—from The Inheritance Project

In the previous blog post I recommended inter vivos trusts, or “living trusts,” as the best option for wealthy parents (or grandparents) who want to give money to their offspring in trust.

Once again, this is not a simple subject: there are, in fact, a number of kinds of revocable trusts that may be distributed to inheritors. The two most commonly used kinds of revocable living trusts are: simple trusts and what are usually called “stepped-in trusts.” Continue reading