• 30
  • August
    2010

Florida estate planning attorneys know many clients who would love to have a website or computer program that would help their heirs spend their money wisely. Maybe one day such a site will be widely available. But for now, it is available to the children of millionaires who do business with Citigroup.

The website helps millionaires' children manage their allowances, and notifies parents and bankers when when the kids blow through cash too quickly.

The site was developed by Tile Financial LLC.

Amy Butte, the developer of the site, said, "Inter-generational wealth transfer is a very big issue for the industry." According to Butte, $1 trillion will be inherited in the U.S. through 2025.

Tile's web portal, called Spend Grow Give, is available to clients of Citigroup's private bank. The private bank is for people with more than $25 million. It does business with a third of the world's billionaires.

Heirs can have spending accounts linked to debit cards, and they can craft investment portfolios in consultation with a parent's private banker.

Butte got the idea for the site when she realized that parents have a hard time talking to their children about money. "Young adults have no place to go to learn about money and learn about finance, particularly in a tone and a medium that they can relate to," she said.

Source: Bloomberg "Citi Millionaires' Heirs Get Website for Allowances, Donations" August 12, 2010