Have the Talk, the Inheritance Talk
Do you remember the talk? When your parents sat you down and explained the birds and the bees. Pretty awkward, eh? What if I told you that you could return the favour?
Have the money talk with your parents. I know, I know… money is stressful, parents are stressful, best to just leave it alone. No. Do it.
Why is it important to think about wealth transfer and inheritance?
- Don't assume the money is coming to you. Many grandparents would prefer to help their grandchildren first and by-pass the adult parents.
- Get on the same page. Your parents are retired or nearing retirement. Maybe they want to travel the world, buy that new car, live a little. Get clear on what the inheritance could be.
- Maybe there's no money. Assumptions make fools of us all. Don't go assuming something that isn't true.
- Who says it's staying in the family? Your parents could have charitable plans for their finances.
- Aging, sickness, and death. We hate to think about it but it's best to have these conversations when all parties are present and cognitively able to discuss them properly.
These can be emotional conversations, but what scares you is worth doing.
This Family Day hold your loved ones, spend time with them. Then while you're breaking bread, have the talk. You'll be thankful you did.
