"My one big mistake in life has been providing a trust fund for my five children. I’m very comfortable paying for an education for as long as they want to study in a reputable university. However, providing additional funds so they could have a lifestyle beyond what they have achieved on their own was a mistake."

This is one I've actually thought a lot about. Having gone to an Ivy League school, I'm not sure that it would be worth sending my kids to any university. The quality is going down, the tuition is going up. The cost of establishing a household after school is going up, so giving that 250k and 4 years to a university is a huge opportunity cost. It seems like there should be a lot cheaper and more efficient ways of building a network and developing career skills.

But I also don't want to just hand a 20-year old a trust fund of $250k instead of college tuition. So my current thinking is that I'll say: "We've saved up $250k to get you started in life. You can either spend that on a college education. Or you can get a scholarship or get a job directly, and we'll give you the money for one of the following activities: 1) starting a business 2) going to grad school 3) buying a home to raise a family in 4) Up to 6 months of travel or independent artsy work. The money will remain in the investments accruing returns until it is disbursed."