Thinking about Inheritance? I had a chat with News On 6’s Autumn Bracey about how to prepare your kids to properly manage an inheritance.
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Here are a few tips:
🗣️Talk to your kids early and often about money. They’re hungry for the information. I gave a shout out to the young adults I had the privilege of speaking to at a recent event for Thunder Fellows. They’re high school & college and are ready to make their own moves with money. My opinion? They would have used this information in middle school so they knew exactly what to do when they turned 18 (some of them are already investing!) Even middle schoolers I’ve spoken to in the past are super intuitive about money and understand complex strategies if they’re explained simply.
🤝 Involve them in conversations with your money professionals. Whether it’s your Family Office or a quick meeting with your CPA, Financial Planner (💁🏾♀️) or Attorney, involve them in the meetings so they understand the strategies you’re using. Your kids are less likely to undo the planning you’ve done when yourr gone if they were there when the decision was made and get your rationale.
🙅🏾♀️If your aforementioned professionals don’t work well with your kids, don’t get the point of meeting with them, don’t take their calls, talk down to them, *fire them*. Your kids are going to do it eventually. Save them the trouble of having to find a new professional on their own. Find a team now that works for everyone.
🤑Most importantly, kids, adult or littles, will do what they see you do not what you tell them to do. Set a good example and remember to pass down the *Values* that are important to you and your family, not just the *Value* in your portfolio.
More in the video! DM me to chat about passing money down to your kids (or if you’re planning to inherit & need to chat)!
Passing it on requires planning ahead! HerPlanning is back with Channel 6 and this time Kristin dives into how to prepare for an expected inheritance. Check it out!🙌💕
#HerPlanning #FinancialPlanning #Retirement #EstatePlanning #GenerationalWealth #Inheritance #PersonalFinance #FinancialPlanning