Most parents want to impart their children with a drive for knowledge and independence, and therefore reconsider leaving any part of their financial estate to their heirs. In an article posted by Kiplinger, “How to Help Your Children Financially Now Without Giving Them Any Money”, Bruce Udell, a financial industry veteran, reviews his conversation with a client who wanted to leave the entirety of his estate to charity to help the less fortunate versus leaving any to his children or grandchildren. While leaving a legacy of charitable donation can be one of great magnitude, some may argue that there is importance still, in passing a financial legacy onto your children. Udell takes time to drive the point that you can leave your estate to your heirs while still encouraging hard work and dedication to become functional members of society. He recommends that you establish your estate in such a way that it leaves your children inheritances on contingency of reaching retirement age. In the article, Udell talks about the financial security that you can prudently provide, while also promoting more spending on family building activities by lessening the strain on cash-flow that saving for retirement can create.
As a member of the millennial generation, I am plagued with the prejudice that I am an entitled, narcissistic, lazy member of society. While I consider myself a part of the small group of millennials who are unselfish and hard-working, I am painfully aware of the truths defining my generation’s characteristics. Because of the phenomenon of these Generation X and Y individuals, many parents are founded in their reluctance to leave any piece of an estate to their children, but Udell’s article in Kiplinger provides an option that many fail to consider. Take a moment to delve into the article and see the impact that changing one scenario can have on your family’s long-term financial situation.
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Summary by Ashley Burrell