Estate planning and financial planning can help with inheritance
People might have money that they have decided they will give to their children when they pass away. This inheritance decision is a highly personal one, and should be well thought out. If a person or couple decides that they have enough money to live off of and they have a specific amount that they are hoping to have their children inherit, they might want to discuss their options with a financial planner, while working with an estate planning attorney to ensure the financial products are properly included in an estate plan.
There are many different options in which a person can grow money, but how the money is inherited and who receives the money is the most important part.
An experienced estate planning attorney can explain various legal documents and concepts that can help the couple achieve their financial goals for their loved ones.
It is important that people understand exactly how their money can work for them, which is why they might decide to work with a financial planner. Many times financial planners and attorneys can work together with people to ensure the best possible outcome when planning inheritances.
Speaking with the people who may receive the inheritance is also important. This can help ensure that the people who are receiving money or assets understand why they are receiving certain assets and how their family members hope they will spend the money. While these aren't always easy conversations to have, they can help ensure a person's legacy is passed on to a new generation.
Source: Wall Street Journal, "A Plan To Increase the Kids' Inheritance," Austin Kilham, Oct. 30, 2013