She and Mr. Bohannan jointly own a 50% stake in two bars in the French Quarter and a music-publishing company. “We watched other people and realized the best way to build wealth was through real estate,” says Mr. Bohannan. The couple should start making annual gifts to their children to provide them with a “startup package,” Mr. Clemons says. That money can be used for graduate school, a down payment on a home or to start a business, Mr. Clemons adds. The couple could use some of their savings to fully fund these accounts, Mr. Clemons says.

Source: Wall Street Journal June 12, 2017 02:01 UTC