Monday, December 2nd, 2013

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Reasons to Talk to Your Children About Their Inheritance

Forbes has a good article on seven reasons you should talk to your (adult) children about estate planning.  The most important reason of course is that it can help to avoid problems later.  But the Forbes article discusses the following seven reasons:

  1. Avoid surprises.  Don’t leave them wondering about your intentions.
  2. Refine your plan.  Getting feedback might make you think twice about your current plan.
  3. Save taxes.  In some cases you may be able to instruct them on helping to save taxes.
  4. Adjust expectations.  Make sure everyone is on the same page to avoid fights later.
  5. Explain yourself.  Children may accept your decision more easily if you’ve explained why you made your decision.
  6. Anticipate a disclaimer.  In some cases you need to know if your child would consider disclaiming their inheritance.
  7. Promote harmony.  Talk to each child about their ideas and opinions.