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..
The 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..
assets, child, estate plan, estate taxes, family keepsakes, financial planning, Minnesota, new spouse, personal property, spouse, Trust, Will
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..
Loans to children can be tricky when it comes to keeping the family peace. » Read more..