There are a number of “talks” you have with your kids, whether you live in Overland Park or elsewhere. We all are familiar with “the talk,” but here's one you may have forgotten - "the inheritance talk."
To be blunt, there is no easy answer. Why? Because so much of the talk depends on what you have to leave, who is going to manage it, who is going to inherit it, and how soon are they going to get it?
The Wall Street Journal recently offered a pep-talk of sorts for estate planning parents in a recent article aptly titled, “The Inheritance Conversation. Ugh.”
One of the key reasons for this essential intergenerational communication is to prepare the inheriting generation for their attending responsibilities. One challenge, of course, is that any “inheritance” carries the risk of robbing a developing person of their work ethic.
In short, what makes you, your assets, and your heirs unique? That is what needs to be understood and communicated. The sooner you have the inheritance talk, the better it will be for all concerned.
Remember: When making your financial, tax and estate plans, don't go it alone. Be sure to engage competent professional counsel.
Reference: The Wall Street Journal (April 19, 2013) “The Inheritance Conversation. Ugh.”