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Hopefully you will have many years left to consider all the alternatives.
yes, I do hope to have many years to consider the alternatives like get marry and have children etc., however I must address issue at hand.

Ignoring the insurance issue for the moment, your 150K at 29, will hopefully grow and at 11% with just $2,000 invest in a Roth or other retirement savings, you could be looking at $6.5 million in 35 years.
yes, my goal is to reach a million before the age of
40 and 20 millions before the age of sixty.

You could set up a foundation now with as little as $1 million - some people are doing it with less. The foundation could give 1 year scholarships to HS graduates from your home town who go to your alma mater. It could be yearly grants to schools who research something you value.
with 150k net worth I couldn't do that, but as my net worth increases I will have more options and I am looking at my church, scholarship, boy scouts,
trust fund to build my community etc...

With the replies from fellow Fools, and discussions with my sisters, I now have a perspective from parents. And my conclusion is not to leave anything for my family. I came to this country in 1980
at the age of 9 with no English. I see in this country opportunities are out there, you just have to work hard and go out and grab them. I got where I am today with the generosity of Americans, and whatever,
I make in my lifetime will return to help others who need help under the names of those who had helped me.
Leaving one's assets to charity is a big break in tradition for my family and my culture, but the picture is very clear at this point.

As a parent and grandparent, we will be leaving money to our four children as well a 1/4 of our assets to the church we belong. We have set up a trust which will dole out the inheritance at 3 ages, 23,30, and 35 to our children.

We don't care what they spend it on and our hope is that at the age of 30 and 35, they will not squander it.
will you explain the logic of leaving your children money at a different stage????

I suggest that you begin reading books on estate planning, charity giving, and foundations.
I am reading a book now on wills and trusts, do you have any good books in this topic, recommendations for me to read.

thank you for replying
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