How important is it to you to leave a financial inheritance for your children?
How important is it to you to leave a financial inheritance for your children? What's the Importance of Leaving a Financial Inheritance For Your Kids? Leaving a financial inheritance for your kids is not something to take lightly. A large percentage of parents pass away without leaving a financial legacy to their children. However, there are some things you can do to ensure that your kids are left in a healthy financial state when you're gone. Deciding the kind of inheritance First, you need to decide what kind of inheritance you want to leave. You can leave everything to the kids, leave them a percentage of your estate, or split up your estate amongst them. You should also consider whether your children are already in college and how much your inheritance will affect their college financial aid. Leaving your kids an inheritance can also affect your estate tax bill. Trust You can also take your inheritance one step further by putting it in a trust. A trust allows you to specify...