LearnVest’s Libby Kane explains that while the word “inheritance” typically conjures up images of a will being read after a loved one’s passing, many people don’t want to wait that long to give money to their children.
A recent study from U.S. Trust shows that the majority of wealthy individuals feel it’s important to leave an inheritance of some kind. In fact, 64 percent of those ages 49 to 67, and 72 percent of those 68 and older say they want to leave the next generation money. And at the same time, more than half say they have provided or are providing significant financial support to adult children.Leaving money to family earlier than expected isn’t uncommon. But is it for you?Why you should give early…1. There may be tax benefits2. You get to see the fruits of your labor… and why you shouldn’t1. You could come up short later2. Early giving can spur family drama
The bottom line: Like most financial choices, giving an early inheritance isn’t always the right move. If it’s on your mind, contact me to help you decide which option can best help you provide for your loved ones without compromising your own financial health.