I like your story and actually I am also thinking how to let my next generation be better. But It looks like it is hard to explain some behavior described in your story
1) Big house: How the next generation is able to pay the property tax
2) 500K in age 60 for son: first 500K is not too much when his son is 60, second the insurance is not a safe way (IMPORTANT, I am a person who do not believe insurance and also have no too much idea on insurance), Since it involves a long period, how do you know that insurance will be still there in 50 years later, who knows.
