Tag Archive for child

Must I Give My Kids an Inheritance?

Will your kids think less of you if they don’t inherit anything from you at your death? Will you feel guilty if you don’t – or can’t — provide them with an inheritance?

Inheritance of any size is a windfall for the children who receive it given that they most likely didn’t do anything to earn it.

Some wealthy parents don’t want their children to inherit more than a fraction of their estate out of concern that their children may not use it wisely or may develop bad habits.

Other parents may be concerned that health care costs, and the living expenses associated with living longer than past generations, may make it unlikely that the parents will have any money left to give to their children. » Read more..

Is an Estate Plan Necessary?

estate-planThe sentiment – “I don’t care what happens after I die because, after all, I’ll be gone.” – typically doesn’t work well in reality.

Creating a well-thought-out estate plan is really your last gift to your family. Without such a plan, your relatives may be cursing you for the unnecessary mess that you left behind rather than having sufficient time to grieve your death and navigate ways to cope without you. » Read more..

Passing the Family Business to Your Kids Isn’t Simple

Finding a way to hand-off your family business to your kids without stirring up family discord isn’t easy.

If you have 3 children, equal joint ownership of the family business may not work well if only one child works in the business. » Read more..

Making a Loan to a Child? Get it in Writing!

Loans to children can be tricky when it comes to keeping the family peace. » Read more..

Do Your Kids Know Where Your Assets Are?

For various reasons, you may not want your kids to know your financial affairs and other business while you’re still in control, but the day will come when they’ll need to know.

That day may come because you start showing signs of dementia and need their help, or it may be at your death. » Read more..