Your children might know an estate plan exists, but not why certain decisions were made or what role they will eventually have in it. Talking to adult children about inheritance can start with the thinking behind the plan, long before specific amounts.
You may have known for years that you'd receive an inheritance. What most people don't anticipate is how much the experience changes beyond the financial picture — from estate planning decisions to family dynamics to questions about what the wealth is actually meant to support.
The financial side of retirement gets planned for, but the personal side tends to surface only after the transition is already underway. That adjustment deserves as much thought as the preparation that preceded it.
For many high-earning, financially established individuals, uncertainty doesn't disappear as wealth grows. If anything, the feeling of not quite being on top of everything can intensify — even as the portfolio expands, even as the income climbs, even after doing most things right.
Major financial decisions often involve competing priorities and uncertain outcomes. Discover a framework for making thoughtful decisions with greater clarity and perspective.
No matter how much or how little wealth you plan on passing down to your children or grandchildren, you should make it a priority to pass on your financial values to the next generation.
Your legacy is important for both you and your family, so don't wait until the last minute to strategize. Here are 6 ways to avoid common estate planning mistakes.
The financial implications and the emotional considerations of receiving an inheritance windfall.