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Leaving an Inheritance to Your Kids
Deciding what to leave to your children - and how to do it - is a challenging topic to bring up. But it's crucially important to take care of this now while you are still able.
Some parents want to spend down their life savings and enjoy their retirement. Others pinch every penny so they can leave a larger inheritance behind. And for those leaving an inheritance, some choose to leave it in the form of a lump sum. Others prefer to leave an income stream that can't be easily spent.
However, one thing that's easy to agree on is wanting to leave as little a tax burden on your heirs as possible. Today, I will talk about how to pay a little more now in order to cut your kids' tax burden when you're gone.
Also, I will walk you through the non-trust estate planning documents that must be kept current.
- Retirement account (IRA, 401K, etc. . .) beneficiary designations.
- TOD, and POD designations on bank and brokerage accounts where appropriate.
- Titling of assets correctly. (Real estate, cars, collections)
- Lists of personal belongings with assignments of your wishes (guns, gold, silver, jewelry, collections, and artwork)
- Life insurance beneficiary designations.
- A current-net worth statement
One of the most important things to do is clearly communicate your wishes with your family. This communication should be in writing and could also be shared during a family reunion or even on a Zoom call!
We also cover some tricky topics - what if you have children or grandchildren you're estranged from? Or what if you have a child that may need more of a financial "hand" than a sibling? Equal is not always fair, and vice versa!
Also, consider who has the right mindset and acumen to execute your estate. Successor trustees and beneficiaries are two very different things!
For more information about anything related to your finances, contact Bruce Hosler and the team at Hosler Wealth Management: Visit them online at https://www.hoslerwm.com/
Or call them in their Prescott office at (928) 778-7666 or their Scottsdale office at (480) 994-7342.
For more podcast episodes, visit our podcast website at https://hoslerwm.com/protectingwealthpodcast/
Limitation of Liability Disclosures: https://www.hoslerwm.com/disclosures/#socialmedia
Copyright © 2022-2025 Hosler Wealth Management LLC, All Rights Reserved. #ProtectingWealthPodcast #ProtectingandPreservingWealthPodcast #HoslerWealthManagement #BruceHosler
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By Bruce HoslerDeciding what to leave to your children - and how to do it - is a challenging topic to bring up. But it's crucially important to take care of this now while you are still able.
Some parents want to spend down their life savings and enjoy their retirement. Others pinch every penny so they can leave a larger inheritance behind. And for those leaving an inheritance, some choose to leave it in the form of a lump sum. Others prefer to leave an income stream that can't be easily spent.
However, one thing that's easy to agree on is wanting to leave as little a tax burden on your heirs as possible. Today, I will talk about how to pay a little more now in order to cut your kids' tax burden when you're gone.
Also, I will walk you through the non-trust estate planning documents that must be kept current.
- Retirement account (IRA, 401K, etc. . .) beneficiary designations.
- TOD, and POD designations on bank and brokerage accounts where appropriate.
- Titling of assets correctly. (Real estate, cars, collections)
- Lists of personal belongings with assignments of your wishes (guns, gold, silver, jewelry, collections, and artwork)
- Life insurance beneficiary designations.
- A current-net worth statement
One of the most important things to do is clearly communicate your wishes with your family. This communication should be in writing and could also be shared during a family reunion or even on a Zoom call!
We also cover some tricky topics - what if you have children or grandchildren you're estranged from? Or what if you have a child that may need more of a financial "hand" than a sibling? Equal is not always fair, and vice versa!
Also, consider who has the right mindset and acumen to execute your estate. Successor trustees and beneficiaries are two very different things!
For more information about anything related to your finances, contact Bruce Hosler and the team at Hosler Wealth Management: Visit them online at https://www.hoslerwm.com/
Or call them in their Prescott office at (928) 778-7666 or their Scottsdale office at (480) 994-7342.
For more podcast episodes, visit our podcast website at https://hoslerwm.com/protectingwealthpodcast/
Limitation of Liability Disclosures: https://www.hoslerwm.com/disclosures/#socialmedia
Copyright © 2022-2025 Hosler Wealth Management LLC, All Rights Reserved. #ProtectingWealthPodcast #ProtectingandPreservingWealthPodcast #HoslerWealthManagement #BruceHosler