One issue for people as they age is communicating with their heirs about the inheritance they could receive. Some people are uncomfortable talking to their heirs about money while others are concerned that their heirs could become lazy while they wait on a windfall. Talking with your children early about money in general and later about the money they might inherit can help your heirs become more responsible with the money they’ll receive.
Here are some resources to get you started:
This article from Kiplinger does a good job of outlining the importance of these conversations and some steps to consider taking.
While this NY Times article walks through these discussions with the ultra-wealthy, there are concepts included that work for people of any net worth.
AARP has some great resources on finances, health, and wellness. You can start with this piece on inheritance etiquette and follow the links within for additional information regarding estate planning and inheritance.
Although heirs are commonly children, many of these recommendations also apply to other heirs such as siblings, nieces/nephews, and friends. It doesn’t hurt to have conversions about money to help give your heirs perspective and to help give them the tools to increase the chances their inheritance will last.
The opinions voiced in this material are for informational purposes only and are not intended to provide specific advice to any individual. Consult your legal, tax, and/or financial advisor to determine what is appropriate for your situation.
As a Registered Investment Advisor (RIA), Partnership Wealth Management is committed to providing our clients with financial planning and wealth management services to help them work towards their financial goals. At Partnership Wealth Management, we have a long history of working with the LGBT community. Among the many services we offer are financial planning and estate planning strategies for gay and lesbian couples. Financial planning is an important part of preparing for the future; contact us today to get started: www.partnershipwm.com.
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