Worried about your kids’ financial future? Here are some tips on leaving inheritance and how to do it the right and safest way. You may be reluctant to have estate conversations with your kids and family members, but they need to be had when it is concerning other’s futures. It is a tricky topic, but here are some ways to make the conversation easier.
- Communication values and what matters most
- Understand what your kids think and know about your values. Some of these can be education, philanthropic and character concerns. Parents will be able to realize what is important to their children and maybe what aspects they would focus their money around when they are older with other priorities. Do this in a somewhat professional and serious setting. Let your kids know this is important and this helps determine how to best align their futures.
- Teach financial skills
- Know your children’s knowledge, attitudes and responsibilities concerning money. This may help make your decisions when deciding where money should go and how much. If you have children, sometimes not every child gets the same amount of inheritance, and this is okay, but it is important to discuss with your kids sooner rather than later. This way, you can prevent any conflict between the siblings later in age.
- Throw away all inheritance expectations
- Openly communicate about your specific inheritance opinions with your kids. Not everyone gives their money to their offspring. Sometimes, people prefer to give it away to non-profit organizations or other charitable causes. Inheritance conversations should be had so that your children do not have any preset expectations that may not be in your plan. It will be best for your and their futures down the road.
Financial legacy conversations can result with some apprehension, especially when they are trying to be had. Put the worry and the fear aside. You must reassure yourself and your partner that the conversation that needs to be add will ultimately conclude in everyone’s best interest.
Before making any inheritance decisions, talk to your financial advisor. This way, you can best be prepared for the ups and downs of money legacy and learn about the financial and emotional aspects of inheriting and giving away inheritance.
Raymond James and its advisors do not offer legal advice. You should discuss any legal matters with the appropriate professional. This material has been created by Raymond James for use by its financial advisors.