Some wealthy individuals don’t want to leave their children anything. They don’t want their kids living off their inheritances. So they want to give everything to charity.
But there is no reason why people have to give their children money right away.
A story on wealth.kiplinger.com advises such people to give their inheritances to their children upon turning 65 so they have to work on their own until that time.
In the meantime, they should be working with a financial planner to know what they will need to retire. Then, they can live comfortably on their own money without worrying about their retirement. You give them some leeway but they aren’t spoiled. And you don’t have to be a multimillionaire to do this, the story says.
In this way, the children won’t resent you for giving away the money to strangers. And you can reassure them they won’t have to worry about retirement.
If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.
