Are you planning on leaving an estate to your children? Are you hoping for an inheritance from your own family to help fund your retirement? Let’s talk about this for a minute.
< On the subject of parents, kids, and inheritances, I found a short article from CNN/Money fascinating in its simple message: If you want to inherit, treat your parents nicely.
The scary part of having elderly parents with money is that they will waste it away. The examples stated in the article are classic, including an elderly father lavishing expensive gifts on a gold-digger girlfriend. Fortunately, I don’t have those problems but I know others who do. We hate to see that kind of behavior in our family members, inheritance or not.
The authors’ research confirms a logical conclusion with a double-payoff. Children who treat their parents well (as we all should strive to do) thereby motivate their parents to want to leave the kids something at death. One consequence of this motivation is that the parents are less inclined to spend their money in meaningless or wasteful ways while they are alive. Bingo – everyone wins.
I’m not suggesting that treating your parents well should be financially motivated. Don’t even bother with that strategy. Just be a caring family member. The simple things are what matter – call and visit! Maintain those family bonds through communication. That way, elderly parents won’t be looking in the wrong places for attention, and then throwing their money in those wrong places.
Here’s another suggestion: send a link to this article to your own kids. Plant the seed for the future!