3 Top Concerns After Your Children Inherit Your Money
What happens to your money after you pass away? What are the three top concerns parents have after their children you pass away and you give your children your assets? What can you possibly do now to address these concerns today?
#1 Concern — Children Can’t Handle Sudden Wealth
The top concern is the financial maturity of your children or beneficiaries. If something happens to you today, are your children responsible enough to take care of all of your assets? Do they know how to invest the money the proper way?
Do they have a good head on their shoulders or are they going to go and waste all the money on shopping sprees and buying lavish things that are unnecessary?
Statistics show that most inheritances are lost within months of inheritance.
How do you guard against this happening?
These are issues should all be addressed with proper estate planning. Use the money to incentivize good behavior and last his or her entire lifetime. It’s all possible with good estate planning.
Would you like to be able to sleep peacefully at night, with no worries about how your money will affect your children? Sign up for a strategy session today.
#2 Concern – Your Children’s Potential Future Divorce
Another all too common issue is your son or daughter-in-law. Let’s face it. No matter how much you trust them, you want to guard against them taking half of your inheritance if there is a divorce later in life.
Or, worse — you already dislike them and distrust them. Your gut tells you that there is something wrong with the relationship and it might not end well.
Well, is your inheritance going to be split if the unthinkable happens after you pass away?
Is there a way to protect against that?
Let’s hope that you don’t have to go through any of those problems. Ineffective estate planning deals with no protection from probate, no protection from conservatorship, no protection from divorce, no protection from creditors for your inheritors, and no protection from financial immaturity.
Sign up for a strategy session today to address divorce concerns for your children.
#3 Concern – Your Children’s Creditors
Let’s look at an example.
Your son is in his twenties when he inherits sudden wealth. Well, what’s on his mind? Good investments? Buying rental properties? No.
He wants an expensive sports car to show off to his friends.
Do you think he’s going to get insurance on that car? Probably not. How long is that car going to last before he gets into an accident? If he does, who is going to pay for the accident?
What about other future lawsuits and creditors? What if he owes money to the IRS? His creditors are just waiting, praying for him to get money so that they can collect on their judgment.
You need to make sure you properly plan your estate and safeguard the wealth. Make sure to put a gatekeeper in control of the wealth so the above does not happen.
Would you like to be able to sleep peacefully at night, without worries that your children will be harmed by their inheritance? Sign up for a strategy session today.