If you are an older adult and have children, what kind of financial legacy will you leave your children? Most parents collect a lot of ‘stuff’ throughout their lifetime. What are you going to do with that stuff? A Hebrew proverb says, “A good man leaves an inheritance for his children’s children.”
In my book, How to Really LoveYour Adult Child, I discuss the following principles for leaving a positive financial legacy. Consider giving money to your children before your death. This is often a wise tax move and proves helpful to the children. Check with an accountant; they know the tax laws and can give good advice. Never die without a will. Don’t let the state decide where your money goes.