Your Inheritance Plan

This plan assumes two points.....these are VITALLY IMPORTANT!

CONGRATULATIONS on reaching a stage in life where you've achieved financial stability and raised successful, independent children. Now, it's time to consider how your wealth can further enrich your family's lives - in an untraditional approach.Before we dive into this new plan, there's one bit of housekeeping to take care of...Estate planning isn't just for the rich and famous; it's for everyone... you know, to make sure your kids get what you've busted your hump for. You must update your will, put a trust together with an attorney, and figure out how Uncle Sam will try to take money from your family's estate after you're gone.

With all that squared away and two points at the top checked, what's coming up won't turn your kids into trust fund babies or zap their will to live. It'll just make life sweeter for them, and for you too.

Use your wealth NOW to get the family together as much as you can, make some memories, and give your kids a boost in life when they need it most....

Traditionally, inheritances are passed on after one's passing. However, providing financial support to your children during their 30s or 40s (when they're fully established adults) can have a more profound impact. At this stage, they may be starting families, purchasing homes, or launching businesses. Your assistance can significantly enhance these endeavors.

On average, folks get their inheritance in their 50's or 60's.

By then, a lot of their lives have already been lived; the impact of that inheritance is like a drop in the bucket compared to what you could do when they're knee-deep in raising their children. If you start gifting your kids a piece of their inheritance in their 30s or 40s, you'll see a 10x more significant impact on them and your grandkids than if you waited until they're 60.By passing on wealth early and splurging on bringing the family together, you get to see the fruits of your generosity and what all those years of hard work were for. Handing them a financial leg up in their 30s or 40s can multiply what they can achieve for the rest of their days. You're setting up your kids and grandkids to start building wealth sooner and alongside you. Passing on wealth slowly with them, you can also help them manage it better so it isn't such an abrupt shift in their lives. And collectively, you'll hopefully be able to invest smarter, diversifying what you would have done alone.

Giving some of your wealth early doesn't mean emptying the bank; it's about being smart and purposeful with what you share....

Discuss with your children how your contributions can best support their goals. Tailor your gifts to their individual needs, ensuring that your generosity enhances their lives. Here are some thoughts on that....

Gather memories, not stuff. Wealth isn't just about piling up gadgets; it's about making moments that matter. Spend your cash on family time - think vacations, shared interests, or just hanging out together. If your kids are spread out, hop on a plane to see them or bring them back home whenever you can. Covering travel costs means you're knocking down the biggest hurdle to being together. There's no better gift than being there with each other; don't let money stand in the way of that.

Health equals happiness. You and your partner can each give up to $18,000 to a kid without messing with federal gift taxes or paperwork. Tell them to use it for top-notch organic grub, supplements, gym passes, and health insurance. Health insurance alone can set a family back $10,000 to $20,000 a year just in premiums, not counting those pesky deductibles.

Education is the key to future wins. There's a bunch of ways parents can school their kids. Covering the costs for your grandkids' education, whether it's college, kindergarten or even earlier, gives the next crew a head start in life.

Assets aren't just good for cash; they're great teachers too. If you've got real estate in your wealth portfolio, give them a rental property now instead of dumping all your properties on them at once. It's like giving them a real-life lesson in property management and a nice income stream to boot.

Good homes make for great families. Many kids use their inheritance to move to a home that fits their family just right. Maybe it's moving to a top-notch school district, getting closer to work in the city, or finding a place in the sticks where the kids can run wild. Obviously, this is a big gift, but it's a one-time investment that sets them up for life if purchased wisely.

Assisting them in acquiring a home that suits their family's needs can provide stability and a comfortable environment for everyone—including you. If you're planning to move in or near your kids in your golden years, the cost will increase in most cases. Doing this sooner can save a bundle for the estate.

This is a chance to use your wealth to strengthen bonds, enhance your kids' lives, and make memories together.

Disclaimer: This isn't financial advice; chat with your accountant or a CPA. We'll make money from the ads or affiliated links eventually.