Estate Planning: Preventing the Money Split
October 29, 2015
Keeping a family together requires talking and planning, and this is also essential when putting together your goals for your estate. In this process you should be focused on the people involved rather than simply the tax and investment considerations. Be aware of some key concerns when thinking about planning for your own family’s future such as trying to dictate a career choice, bailing children out of repeated bad decisions or paternalism.
Fight entitlement by demonstrating and promoting appreciation and explain the process of how acquisition decisions are made within your family. Finally, communication is key. Communicate as to how money will pass down after you have passed away. Involve children from the process of planning money, and analyzing it from a young age with family meetings. You might even consider setting up a family foundation to help teach your children important lessons about their finances.
