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Have you had “the talk” with your adult children? You know…the one where you discuss what will happen after you are gone.
For many, talking about death is very difficult, if not impossible. For many families, discussing money and inheritances is even more difficult.
Many parents avoid discussing family wealth for a number of reasons:
Maybe you wonder if your children can handle large amounts of money, or you haven’t decided how much to leave them.
While you may want to wait until your children are older, waiting too long can leave them unprepared. Just as you wouldn’t give your 16-year-old son the keys to your BMW without teaching him to drive, you don’t want him acquiring a vast sum of money without knowing how to handle it.
A recent New York Times article discusses various ways wealthy individuals and couples prepare their children for the millions of dollars they may one day inherit. Knowing too much can be a burden, even to young adults. Most suggest providing information to children gradually as they age, building up to a full disclosure of the amounts they may receive at your death.
Some of their techniques include:
Families differ, and your approach should be tailored to your children. Tales of woe are told about people who win the lottery and later wish they’d never won. Don’t create the same scenario for your children.
Doing something is better than doing nothing when it comes to preparing your children for multi-million dollar inheritances. If you haven’t done so already, learn how the family of Bulletproof Trusts™ can put a speed bump or three on the “inheritance highway” your children and grandchildren will travel down over time.