A report showed 40% of parents surveyed had never discussed their estate intentions with their heirs (BMO Wealth Institute). My experience shows this number may actually be much higher. You may hesitate to discuss death or incapacity for many reasons. Heirs may be reluctant to broach the subject for fear of appearing greedy.
This is something you need to discuss and plan. Intergenerational planning with a financial advisor and estate planning attorney can be an effective tool that helps to lower stress before and after events occur. Planning can help ensure the wishes of all parties are known and understood; and may identify new things that need to be considered, while also helping you save money and taxes
Some questions to ask:
Many want to leave a legacy to their heirs, but you may be surprised to find there are benefits to giving some of those assets while you are living. Others may want to leave money to a charity, and there are ways to gain tax and other benefits by starting this now via various investment tools such as Donor Advised Funds or Qualified Charitable Distributions. There are many ways to plan for giving during your lifetime, so you can experience the immense joy of seeing the benefits of those gifts during your lifetime.
To schedule a no-cost, no-obligation “intergenerational planning” session with you and/or your heirs/adult children, or to discuss your individual retirement and estate planning situation, call us at 770.931.1414 or visit www.rogersgreen.com.
Roger S. Green is a Registered Representative with Cetera Advisors LLC, a broker/dealer, Registered Investment Advisor, and member FINRA/SIPC. Cetera is under separate ownership from any named entity. Roger’s office is located at 3700 Crestwood Parkway, Suite 140, Duluth, GA 30096.