Do you talk to your kids about money? Or your parents?
According to the Spectrem Millionaire Corner, a market research group, only 17% of affluent parents said they would disclose their income or net worth to their kids by the time they turned 18. A nearly equal amount, 18% said they would never disclose these numbers to their kids. 32% of the rich parents surveyed by Spectrem said “it’s none of their business” when asked why they would not talk to their kids about money.
The amount of money generated by your family and what will happen to it if your parents die or become incapacitated is your business. Very important business. It may have a huge impact on you.
Likewise, your money has a huge impact on your kids.
What is at the crux of the reticence to discuss money? Fear or making the recipients lazy? Unmotivated? Changing the course of life? The best way for family money to have a positive impact on your life is to get into conversation about it. Open communication demonstrates maturity which will facilitate trust between parents and children.
If you or your children learn about the family money after the parent’s death, it may be a much bigger burden to deal with. Face it, the children will learn about the money at some point.
Conversations about money give parents the opportunity to discuss values, insights, stories and experiences. All of this will be lost if the conversations do not happen.
Truest Law helps you have those important conversations before its too late. Visit us at Truestlaw.com or call our office at 480-949-6500 to schedule a time to talk. We normally charge $750 for a Family Wealth Planning Session but because we believe now is the time to start talking we are offering this free of charge to the first two families who mention this article.