Remember “Robert,” a reader who said that parents should tell their children NOT to expect an inheritance? (If you missed that column, “Inheritances For Your Children?” write to me at readers@juliejason.com, and I’ll send you a copy.)
Robert, who is in his 80s and well-off, felt that once you paid for education, parental obligations were over, including any obligation to leave the kids an inheritance.
He said it’s best to “ communicate that there will be NO monetary inheritance — rather, charities have already been chosen.”
That point of view drew a “candid response” from “Alex.”
“One of the most important issues in dealing with intergenerational wealth in this context is continuous open communication throughout the lifetime of a family!
“Rule No. 1: Pick good parents. It might sound trite, but my late successful parents — grandchildren and children of Irish immigrants — were transparent in their thinking.
“Rule No. 2: Wealth encompasses financial/intellectual/social/human (F.I.S.H.) capital, and [Generation 1, Generation 2, Generation 3], etc., should strive to invest (and even maximize) all.
“Rule No. 3: Consistent parenting/messaging should lead to clear understandings. My late parents taught ‘their children’ about smart work, self-sacrifice and personal responsibility early on... and I/my brother/two sisters have been extremely well-educated (multiple undergrad/grad degrees) and have been personally/professionally successful in the fields of investments/philanthropy/medicine/art..
..from News https://www.ctpost.com/news/article/julie-jason-a-different-view-on-inheritances-17898578.php
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