Gregg Matthews for The New York TimesJean Dorrell, a financial planner who works with a large retirement community, said she often recommended simple annuities for clients who had life savings in the hundreds of thousands, not millions, to restrict how the money was passed to heirs.
Paul Sullivan, in his Wealth Matters column this week, writes about an issue many parents — no matter their wealth — deal with: how to encourage their children to grow into independent adults. The issue gets more complicated when money is involved.
Even if their children have turned out well, parents may still feel that leaving a large inheritance will discourage them from working hard.
But a more difficult decision, he writes, is what to do about an inheritance when a child is troubled or marries someone the parents don’t trust. Those parents, he says, will have to confront the issue at some point. And if they don’t come up with a plan, their money could make a bad situation worse.
How did you work out the issue? Do you have advice to offer others in this position? Please tell us in the comment section below.
Article source: http://feeds.nytimes.com/click.phdo?i=98cf3da455720a5af153413f3b47a262
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