Friday, May 29th, Attorney, Steve Berger discusses how much you should leave your children and when.
Most are familiar with the story of the prodigal son where one of the sons asks for their inheritance early and squanders it.
Warren Buffet shares an updated version of the story by suggesting that you give your kids enough that they do something, but no much that they do nothing.
There are options for giving, bequests during life, bequests after death in your will whether equal or unequal amongst your children.
It is suggested that if they are unequal, that it is communicated amongst your family so there are no surprises.
You can offer opportunities for a child to disclaim so it goes to grandchildren instead.
Life time gifts can be done annually under the exclusion so there isn’t a need for reporting. The concern of whether or not this is a good idea is making sure there is enough to take care of yourself through your older years.
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