How can you keep your wealth in the family?

On Behalf of | Jun 10, 2021 | Uncategorized |

If you established substantial wealth throughout your life, you may want the opportunity to share it with your children and the generations to follow.

According to CNN, there are ways for you to ensure that your money remains in the family.

Start a discussion

Many parents worry that if their children receive an inheritance, it may keep them from pursuing financial stability independently. Others worry that the children may begin to fight among each other because of their inheritance. If you hold a family meeting, you can ease your mind and your children’s minds.

The first rule of the family meeting should be that all participants are over 16 years old. You do not have to give specific amounts, but you should explain your strategy and your priorities. Explain your values and the priorities that you have with your wealth.

Make updates regularly

You should always update your estate plan. As your life changes, so should your estate plan. Meet with your family regularly to discuss different updates to the plan. As your children age, they will also have more input when it comes to the estate plan. For example, they may have advice on which charities to donate to and investments that they believe you should make. You can also discuss the responsibilities of the older generation to the younger generation.

Prepare the family

You should prepare your family for their inheritance or financial responsibilities. You want them to value your wealth rather than feel entitled to it. If you have children in their 30s, they may be ready to learn more financial responsibility.

Having conversations with your children can make it easier for them to handle your affairs later.