Multimillionaire author Bill Perkins says parents should give kids their inheritance in their 20s when it can transform their lives—not when they die

Bill Perkins, the hedge fund multimillionaire and best-selling author of Die with Zero: Getting All You Can from Your Money and Your Life, says people should give their kids their inheritance early—before they get so old that it won’t make a difference.

Perkins, who made his first million dollars before the age of 30, told Fortune Daily host Ellie Austin the common practice of parents passing down an inheritance after death can mean the money arrives too late to have its biggest impact.

Instead, if you are already planning to leave money to your children when you die, he said it’s best to put it in a trust and give it to them while they’re between the ages of 28 and 33.

“The reason why is that your brain reaches peak mental acuity at 28 on average, and you’re in decline and plateau starting at 33,” he said, adding: “The utility of money starts to decline and the seasons of your life start to pass you by.”

On its face, giving an inheritance to your children may........

© Fortune