Is Honesty the Best Policy? Baby Boomers & Children Talking About Inheritance
Over the next 20 years, it is estimated that as much as $70 trillion will be passing from the baby boomer generation to their children. Yet many parents find it awkward to discuss their finances with their children. This silence can be a detriment as adult children often have no idea what their parents own or what their inheritance will be which makes it difficult for children to plan for their own futures. The silence can also lead to distrust among siblings or create family disharmony, especially if the inheritance is not equal. Finally, if parents don’t talk to their children about their philosophy, the children often make decisions that don’t align with the legacy that parents hoped to create. Communication within the family is key if we hope to retain the tremendous wealth and values from the greatest generation.