Educating children about important subjects and empowering them to make wise decisions can build trust and strengthen familial bonds.
It is generally much easier for young adults to become financially responsible when money matters are discussed openly and education begins early.
Young adults do not need to know the exact value of family assets to learn the basics of wealth management and become involved in the family’s financial activities.
In order to get your estate planning underway, you need to understand the full breadth of your estate—present and future.How your parents structure their estate plan, including the use of trusts, gifts, IRAs, insurance, pensions, and Wills, can have a significant effect on how you should set up yours.It’s important to take a diplomatic approach when asking parents about what you can expect to inherit.
Family communication is key to shaping your children’s financial experiences and preserving family wealth.The best way to share your financial values with your children is through open channels of family communication that starts early.If there’s silence surrounding money matters in your home, it can create confusion.Children who grow up discussing age-appropriate financial matters are more likely to become effective stewards of your family’s wealth.
