Tips For Planning Inheritance For Your Children

Are you afraid that your children will blow their inheritance on nonessential items? Do you children have a track record of being financially irresponsible? While it is never a pleasant thought to consider how your children will live after your death, it is an imperative step in planning for your child's future. Read below for tips to take into consideration when planning an inheritance for your children...

4. Get your kids involved in a personal foundation. If you have children still living with you, creating a personal foundation can be a wonderful opportunity to support causes you believe in, get a nice tax deduction, and more importantly to our point, teach kids about money. One of my clients sold his business and overnight was worth more than $25 million. He and his wife had three young kids and they were worried that the dad’s strong work ethic would be lost on the kids now that they could have anything they wanted. We created a personal foundation, and because it was required to disburse 5% of the foundation’s balance each year, we gave each family member the responsibility of researching a cause and donating 1%. This got each of the kids excited about their own cause and seeing how their money could have an impact. It was a great learning experience for the whole family.

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