Kids, you may want to scale back your plans for your inheritance.
FORBES: Wealthy Parents To Kids: We're Spending Your Inheritance
Your minimum distributions are calculated according to your own life expectancy, and the assets can continue to grow tax-free, so that they may become part of your own inheritance.
Do you want to leave your children a fat inheritance or do you think it would ruin them?
Gifting funds or providing an inheritance could disqualify your relative from certain government programs if not done carefully.
More than likely, both of you would still leave your children a tax-free inheritance.
Finally, consider what additional values and lessons your kids may need to effectively manage their inheritance.
Gifts are a relatively simple way of passing money to your grandchildren and keeping it out of the inheritance tax net.
If you don't read your mail carefully, or were on vacation or in the hospital when the letter came, and you die without contacting Vanguard, one of your kids could be done out of his IRA inheritance.
We'll assume that you are not counting on an eight-figure inheritance and that you're looking to build your own wealth.
On the other hand, if your heir dreads working, the loss of work ethic upon inheritance is a serious concern that could likely materialize.
WSJ: The Experts: How to Keep Heirs From Losing Their Work Ethic
In the Anglo-Saxon world Lamarck's name, if it is known at all, is associated with a theory long since discredited - the idea known as the inheritance of acquired characteristics - the idea that traits or attributes acquired or learned in the space of your life time will somehow be inherited by your children at birth.
While your heir's consumption habits may increase, the desire to work is unlikely to be blunted by a large inheritance.
WSJ: The Experts: How to Keep Heirs From Losing Their Work Ethic
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