November 25, 2024
Navigating Conversations About Inheritance With Adult Children
In this episode of Buckingham Perspectives, Chief Investment Officer Kevin Grogan covers an important conversation to have with adult children to minimize conflict and set your family up for financial success.
With families gathering and adult children returning home for the holidays, this could be a good time to initiate an important conversation with them about family legacy planning and wealth transfers. While this conversation can be difficult, it’s best to be fully transparent about your intentions and your adult children’s role in your estate planning. If you have adult children who will be your heirs, make sure they know where to find your key estate documents — such as wills, powers of attorney, and health care directives — and that they understand the broad strokes of your intentions. Being transparent about the inheritance they may expect and your wishes for carrying out your estate plan can help prevent future conflicts. If you have questions or need assistance facilitating these conversations with your adult children, reach out to your advisor for support.
For informational and educational purposes only and should not be construed as specific investment, accounting, legal or tax advice. Certain information is based upon third-party data, which may become outdated or otherwise superseded without notice. Third-party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio nor do indices represent results of actual trading. Information from sources deemed reliable, but its accuracy cannot be guaranteed. Performance is historical and does not guarantee future results. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this article. Please be advised that Buckingham only shares video and content through our website, Facebook, LinkedIn page, and other official sources. We do not post investment advice on WhatsApp, Telegram, other interactive applications, or other similar platforms. Rather, Buckingham provides investment advice only through individualized interactions. R-24-7944
Category
Family Life & TransitionsContent Topics
About the Author
Stay Connected With Buckingham
Want more resources like this? Click here to receive financial insights, articles, videos and webinar invitations.