Why are My Millennial Children so Disinterested in My Money?

That is a good question. However, I certainly do not want to paint with a broad brush.

I am sure there are a lot of factors, to include unique family dynamics.

Maybe your children just look at "money" differently.

Reuters recently looked into this general issue in an article titled "Equating inheritance with love can cause discord."

According to the article and a survey cited therein, Millennials hold very different views about receiving gifts.

It appears some 33% of Millennials equate a monetary gift with control. They see money as a way for the older generation to exert influence over them.

On the flipside, about 70% of Baby Boomers see a gift of money as an expression of love.

In the words of Cool Hand Luke, it appears what we have here is "failure to communicate"?

And, this failure can really complicate estate planning.

When generations hold different opinions about the motivations of an inheritance, they may well fight over how assets should be distributed.

While most of those over 50 think it is fair to divide estates equally among heirs, only a third of Millennials felt the same way.

Really?

Apparently, the younger generation is more open to weighing financial needs and other factors to determine a recipient's worthiness.

Getting family members to talk to one another about estate planning can be tough.

Nevertheless, endeavor to get everyone involved early in the process.

By doing so, the giver can help avoid any disappointments or misunderstandings.

Whatever you do, however, do not leave any big surprises for loved ones to sort out after you are gone.

Better yet, take steps now to help ensure that all of the stakeholders know what to expect later ... and why.

Open family communication can make an "unequal shares" inheritance distribution easier to handle.

Sometimes a trade-off is helpful—as the giver can pass along something meaningful to each heir—when the gifts do not necessarily have the same financial value.

With the help of an experienced estate planning attorney, even people with very little are able to give in an extremely meaningful way.

So, how do you find an "experienced" estate planning attorney?

First, ask around. Friends, family and other professional advisors are trustworthy sources.

Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").

Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.

How?

Two helpful online resources are just a mouse click away to assist with your due diligence:  Avvo.com and Lawyers.com.

Check any Avvo ratings, client ratings/testimonials and attorney endorsements on Avvo.com and any "peer ratings" by judges/other attorneys and any client ratings/testimonials on Lawyers.com.

In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.

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), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: Reuters (April 15, 2016) "Equating inheritance with love can cause discord"