What to Tell the Children About Their Inheritance and When

In this article, Paul Sullivan writes about some individuals who inherited money at a fairly young age. Some of these “kids” were ill prepared to deal with the issues associated with receiving such a windfall. We work hard to provide for our families but are we doing a good job of educating our children from a young age on the importance of hard work even if such a windfall should occur? While most of us view the “inheritance” as a blessing, it is important to consider how it will impact our beneficiaries.  Have you imparted your values about money to your kids? Whether its many millions or a few thousand dollars, leaving money to our children, if they are not equip with the tools to manage this windfall can be a curse rather than the blessing we hoped it would be. Most of us want to insure that our children are well cared for in the event that we should pass away prematurely, but do we want these funds to rob them of their incentive to help themselves? At KRGlegal, we can assist you in translating your values into a comprehensive estate plan that will accomplish your goals.