Estate Planning: Having the Conversation

Talking to your children about wealth, inheritance, and estate planning can be difficult. According to a 2012 Bank of America survey:

• Overall, 61% of wealthy parents—and 68% of baby boomers—are not fully confident that their children will be well-prepared to handle a financial inheritance.
• 63% of wealthy parents have not fully disclosed their wealth to their children.

If you have been waiting to have that conversation with your heirs, our Estate Planning Service can help. As part of the service, your Wealth Advocate will:

• Develop financial strategies designed to minimize estate tax impacts while meeting your financial goals.
• Talk with you about ways to spark family discussions about your wealth and your estate-planning intentions.
• Meet with you and your heirs, helping them understand your estate plans so there are no surprises for them.

If you’re not sure whether your heirs are ready to handle a financial inheritance, take action! Make some preparations now so that, when the time comes, they’ll be as ready as possible.

By Jerry Wade, CFP^®, CFS
Chief Wealth Advocate