3 Ways to Prepare Children For Their Wealth Inheritance
Parents often worry about the influence of wealth inheritance on their children. This is because children inheriting money are ill-prepared to manage it on their own. While knowledge and access to parent’s wealth can be a positive thing, there's always the risk of money leading to complacency and entitlement. A sudden windfall of wealth comes with a huge temptation to splurge, instead of intending to make smart financial decisions. Preparing your children for wealth transfer won’t happen overnight, rather it is an educational and emotional process that takes considerable time, and it must be an integral part of wealth parenting. Here are a few effective ways shared by professional family wealth coaches that will help you prepare your children to understand the value of wealth inheritance and how to use it smartly. Facilitate Open and Honest Communication The foundation of every relationship is trust, and it can only be shared when there is open communicati