Latest News / Ask a Trust Officer: Having “The Talk”
Ask a Trust Officer: Having “The Talk”
April 1, 2020
DEAR TRUST OFFICER:
When should I talk to my children about their inheritances?—THOUGHTFUL PARENT
As a general rule, sooner is better than later. An inheritance should not come as a surprise; it is something that requires preparation and planning. In that way, an inheritance may prove to be more than a temporary windfall, because it may provide lasting financial security for your heirs.
If your estate plan includes trusts for your children, or if it will not be divided equally, it is especially important that they understand the reasons and benefits of your wealth management decisions. This may be done at a “family meeting” attended by the whole family and your estate planning advisors. Some parents have difficulty discussing financial matters with their children, so having a professional on hand to moderate the meeting and answer questions can be quite valuable.
Estate planner Gerald M. Condon once observed, “You really don’t know your children—until they divide their inheritance.” Airing the motivations behind an estate plan will typically promote family harmony, reducing the chance of conflict when the plan goes into effect. Still, your heirs need to understand that estate planning is not a family project, and your plan is not being put to a family vote.
We’re happy to be of assistance in family meetings. Please call on us to learn more.
Do you have a question concerning wealth management or trusts? Send your inquiry to email@example.com.
© 2020 M.A. Co. All rights reserved.
Check the background of this investment professional on FINRA’s BrokerCheck
Located at: 600 E 84th Avenue Merrillville, IN 46410
Phone: (844) 755-6600
Securities and insurance products are offered through Cetera Investment Services LLC (doing insurance business in CA as CFG STC Insurance Agency LLC), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with the financial institution where investment services are offered. Individuals affiliated with this broker/dealer firm are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.
These products and services are being offered through Cetera Investment Services LLC or its affiliates, which are separate entities from, and not affiliates of, Centier Bank or Centier Investments. Securities and insurance products offered by Cetera Investments are: *Not FDIC/NCUSIF insured *May lose value *Not financial institution guaranteed *Not a deposit *Not insured by any federal government agency.
This site is published for residents of the United States only. Registered Representatives of Cetera Investment Services LLC may only conduct business with residents of the states and/or jurisdictions in which they are properly registered. Not all of the products and services referenced on this site may be available in every state and through every advisor listed. For additional information please contact the advisor(s) listed on the site, visit the Cetera Investment Services LLC site at www.ceterainvestmentservices.com