(StatePoint) Money management is not only a logistical challenge for many families, it can be an emotional one too, especially when it comes to transferring wealth from one generation to the next. Open, honest conversations about your financial values and intentions can cut through some of the stress, and help family members avoid resentment, confusion and even legal strife down the line.
“With American Boomers poised to transfer an estimated $68-$124 trillion dollars to their Gen X, Millennial and Gen Z heirs by 2048, the time to have the conversation with your family about money and inheritance is right now,” says Heather Hunt-Ruddy, divisional leader, Wealth & Investment Management at Wells Fargo. “It starts with letting go of the notion that money is a topic to avoid.”
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Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.