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Give It Away Now
You’ve worked hard for the money, as the song says, but now that you’re planning for retirement, your thoughts will turn to where all the money will go. Of course you’re saving some for yourself, but if you have kids or other family members you’d like to leave something to, it can be a confusing process to decide how that will happen.
The definitions of wealth and inheritance are changing. Families often set up charitable trusts or foundations that set out parameters for how an inheritance will be passed on so that children do not simply have access to hundreds of thousands of dollars or more. But, the privilege of leaving behind a financial legacy isn’t all its cracked up to be—money and death are taboo enough without weaving the two together.
Most parents agree that the intellectual and family history left behind is most important, but money still matters. Get some ideas on how to plan your retirement from the experts and make sure you have a nest egg ready—for you and your loved ones.