One of the biggest conundrums for wealthy parents is how to teach their kids the value of work.
American retirees are planning to leave a lot of money to their children.
Think a financial windfall would solve all your problems? In fact, it may create some.
Five estate tax proposals could make it harder for Mom and Dad to pass their business or their money to the kids.
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When it comes to passing down an inheritance, most families think of money and tangible assets. But there’s another legacy that’s even more important to the preservation of families –the noneconomic one.
Typically, it’s not until after the financial paperwork, such as wills, trusts and family business agreements, is in place that families begin thinking about how they want their heritage, or identity, to be communicated to subsequent generations. But planning for this type of legacy can and should begin even earlier, giving multiple generations the opportunity to work together on the family story.
“More and more, families are recognizing the importance of family heritage,” says Susan Dsurney, family wealth adviser and CPA at GenSpring Family Offices.
If you’re the children of baby boomers, you’re less likely to get an inheritance than if your parents are older than 65, says a new survey. And even if you do get the money, it’s more likely to come with strings attached if your parents are wealthy. The Journal of Financial Planning and Allianz Life
Inheriting a CD can cost you money. Though an inheritance is not generally subject to federal income tax, the interest earned on an inherited CD is. To avoid that, you can close the account and withdraw the funds but the bank may charge an early withdrawal penalty in that case. The Web site for the Kansas
Imagine your father is Bill Gates, founder of Microsoft and the second-richest person in the world, with a net worth in the billions. Before you take this reverie any further and start building your dream mansion and placing the order for a custom yacht, imagine that your inheritance is actually already pledged to charity.