Dying Broke By Design / Overland Park, KS

As you plan for your retirement, for old age and even for your estate, there are so many questions to ask and so many answers to give. For example, when it comes to your estate, most children assume their parents will leave it all to them. But is that your only option?

A recent Forbes article takes a different tack and asks “Why Bother Leaving an Inheritance for the Kids?”

What is an inheritance to you and to your loved ones? What does it mean?

There are, in fact, many mature Americans who no longer see the value in leaving an inheritance to their children and, instead, intend to die broke.

Interestingly, the author of the Forbes article offers a name for people of this persuasion: “Die Brokers.”

Perhaps Die Brokers worry about the negative influence of free money. Maybe they would like to see a little more “hustle” out of their would-be heirs. Whatever the reason, the Die Brokers appear to be keener on enjoying their own money in their own lifetime than leaving a pile of it for their children to squander.  

Are these folks in the minority? Maybe not, whether in Overland Park or elsewhere.

A recent study by the financial company HSBC ranked the U.S. lowest out of the 15 countries studied in terms of parents reporting that they intended to leave an inheritance to their children. The percentage was a mere 59%.

Who is to say what the right approach is? After all, cannot those who earned and saved decide what to do with the financial representation of their efforts?

So, do you not want to leave an inheritance to your children? Or, a step further, do you want to ensure that there is no is no inheritance and join the ranks of the Die Brokes?

Either way, how will you accomplish your objective? While it is easier to spend the coffers dry, if you intend to leave an intentional inheritance to your loved ones, then plan to consult with an experienced estate planning attorney. Your attorney can design a plan to ensure that your benevolence is a blessing and not a curse, sometimes for generations to come.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri) and to download free tools to help you organize your estate, visit my estate planning website.

Reference: Forbes (February 27, 2014) “Why Bother Leaving an Inheritance for the Kids?”