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What the ultra-rich tell their kids about money

| Oct 11, 2017 | Heirs & Beneficiaries |

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The process of estate planning varies broadly from one person to the next, and you may find that your estate planning needs are far different from someone who has considerably more or less than you in terms of assets.

If you are particularly affluent, you may have concerns about just how much information about your assets you should share with your children, because you do not want to discourage them from working hard and paving their own way in life.

If you are not particularly affluent, however, you still may benefit from learning what steps those who are take when talking to their children about finances.

Kids should not expect a lifestyle they themselves cannot provide

You may worry that giving your child too much, or letting him or her know exactly how much you plan to leave, may decrease ambition. Your children may grow up taking expensive vacations, attending high-cost private schools and wearing the best of the best in terms of clothing and labels.

However, you may do them a disservice by letting them think this lifestyle will continue indefinitely and without any effort from their end.

Even the extremely wealthy should grasp the value of hard work

Some who identify as extremely wealthy started out from almost nothing, and they want to impart their perseverance and dedication to success on their children and potential heirs.

You may find it useful to give your children an understanding of where it all started and how it was only through hard work and dedication that you were able to amass the fortune and standard of living you enjoy today.

Some who have substantial assets consider even talking about money taboo, but if done right, it can give your children a better understanding of how to manage their own wealth and assets, preventing overspending down the line.

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