Since inheritances don’t happen every day, it’s not uncommon for recipients to feel confused as to their next steps. Due to the unfamiliarity of the situation, and the events involved, it’s easy for even the most rational person to make some costly financial mistakes. But you don’t have to.
Speaking With Adult Children about Inheritance
It’s my goal to not only educate my clients but also their children. Today I am going to discuss a few tips on how to discuss with your adult children about their inheritance.
The Importance of Estate Planning
Most people associate estate planning with the land. The truth is everything that you own can be termed as your “estate”. Your home, your car, your furniture, your bank accounts, any and all investments and your possessions, they’re all a part of your assets. Being valuable, and close to your heart, what happens to them later is something that you …
Talking with your Adult Children about Inheritance
Uninformed heirs often make poor financial decisions with the assets left to them, leading to unnecessary taxes, pointless attorney fees, overspending, family disputes and much, much more. Generational wealth planning can keep your hard earned money in your family where it belongs and keep your parental wishes intact. Recommendations to prepare your children for financial responsibility: 1. Establish a well …