fbpx

Leaving An Inheritance to Your Children…That Is The Question in Virginia

Timing is everything“A survey done by the financial services company HBSC finds that only 59% of U.S. parents intend to leave their children an inheritance, the lowest of the 15 nations studied. The fact the U.S. is last came as no surprise to me. What did surprise me was that 59% seemed high.” – Larry Light

As you plan for your retirement, for old age and even for your estate, there are just so many questions to ask and answers to give. For example, when it comes to your estate, most children assume their parents will leave it all to them. But is that your only option?  A recent Forbes article takes a different tack and asks “Why Bother Leaving an Inheritance for the Kids?”  What is an inheritance to you and to your loved ones? What does it mean? There are, in fact, many mature Americans who no longer see the value in leaving an inheritance to their children and, instead, intend to die broke. Interestingly, the author of the Forbes article offers a name for people of this persuasion: “Die Brokers.”

Perhaps Die Brokers worry about the negative influence of free money. Maybe they would like to see a little more “hustle” out of their would-be heirs. Whatever the reason, the Die Brokers appear to be keener on enjoying their own money in their own lifetime.  Are these folks in the minority? Maybe not. A recent study the financial company HSBC ranked the U.S. lowest out of the 15 countries studied in terms of parents reporting that they intended to leave an inheritance to their children. The percentage was a mere 59%.  Who is to say what the right approach is? After all, cannot those who earned and saved decide what to do with the financial representation of their efforts?  So, do you not want to leave an inheritance to your children? Or, a step further, do you want to ensure that there is no inheritance and join the ranks of the Die Brokers?

Either way, how will you accomplish your objective? While it is easier to spend the coffers dry, if you intend to leave an intentional inheritance to your loved ones, then plan to consult with an experienced estate planning attorney.

You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.

Reference: Forbes (February 27, 2014) “Why Bother Leaving an Inheritance for the Kids?

 

Like this article?

Share on facebook
Share on Facebook
Share on twitter
Share on Twitter
Share on linkedin
Share on Linkdin
Share on pinterest
Share on Pinterest

Leave a comment

LIKE THIS POST?

We have a LOT more where that came from!

We hate spam too. We will never share or sell your information.

Call Now ButtonCall Us Now https://jsfiddle.net/7h5246b8/

Request a free consultation

We hate spam too. We will never share or sell your information.

We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.