“How the Wealthy Talk to Their Children About Money”

According to AARP, the majority of Americans choose not to create a Last Will. Estate Planning usually involves a Last Will, but can also be comprised of many other documents, such as a Health Care Proxy, Power of Attorney, or a variety of different trusts.

Estate Planning is a process that takes the guesswork out of what will happen to you and your finances once you become incapacitated or pass away. It lets the loved ones you leave behind know, with specific instruction and detail, what you’d like them to do.

The creation of Trusts is very common, particularly in efforts of protecting your assets. Sometimes, the Trustee of these Trusts tend to be your children, other close family, or a friend. Although creating an Estate Plan is ideal, there are more steps that can be taken to ensure your will is being carried out. The New York Times focuses on this concept with an article about The Weiner family. Ron Weiner, the Chairman and President of Perelson Weiner, and his wife, discuss the importance of taking the time to discuss the millions in inheritance their children will one day have to manage.

“Mr. Weiner said he and his wife ask their children for a family meeting each year. In preparation for it, they ask their daughters — who are now in their 30s and married with children — to tell them how much detail they want about the family wealth. Such conversations invariably invoke discussions about mortality, which children may not want to have with their parents at any age.”

Although it may be an uncomfortable conversation, it could be the one that continues your legacy. Danna & Associates, PC is a law firm that specializes in both Estate Planning and Elder Law, since 1994. With over 2 decades of experience, we’re able to advise clients on Estate Planning documents that are best suited for their individual situations. Call 718-273-0300 for your free consultation today!

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