Our blended family and extended family all at one table! Who will inherit the dirty dishes? Hmmm…
Doug and Tammie share an article from Forbes.com on things to consider before you leave an inheritance to your children.
Warren Buffett enrolled Bill Gates in not leaving all his money to his children. “I’ve given them enough that they can do anything with their lives, but not enough that they can do nothing.” Warren Buffett
It’s not the amount of money you make, it’s who you become in the process. Don’t deny your children the opportunity of becoming in the process by having everything handed to them. Give them the opportunity to be anything, but not the opportunity to be nothing. –Brene’ Brown
If you are a parent who worries about what your wealth will do to your children, you are not alone. Many parents or other family members want to leave money to their kids or to someone, but they are concerned that who they want to leave it to are ill-equipped to handle sudden wealth. Some worry that by providing too much money that it will rob their children of the ambition and hard work that it took for them to amass the wealth. And it’s not just parents who worry. At least one beneficiary has reservations.
If you are concerned about gifting or leaving your children an inheritance, consider these popular strategies :
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