Happy Wednesday! This week Attorney Jason Carrozza welcomed baby Madelyn to the world. Maddy and the family are all doing extremely well and we are so happy to have this newest addition to the FLP family! The exciting news just keeps on coming.
With the newest baby arrival it got me thinking about leaving a legacy. This week we are going to talk about leaving behind an inheritance. I recently found this Forbes article that discusses why people bother leaving their children an inheritance. Interestingly enough, a study conducted by HSBC concluded that only 59% of American parents intend on leaving their children an inheritance, the lowest out of the 15 nations that were studied.
Why is that? The article speculates that perhaps we, as Americans, believe in hard-work, true grit, and frugality in order to make our way to the top. Most current millionaires are first-generation wealth builders and perhaps they're wanting to see their children make it on their own. When you think about it, this is a heavy question. Do you want to leave an inheritance to your children and why? At a minimum, it touches upon one's money consciousness and forces an evaluation of one's values.
Yet, I can't help but be surprised that only 59% of Americans have this desire to leave something behind. Given today's economy, the cost of education, and the longer it takes for one to get themselves "established," how easy will it be in the future to "make it"? Wouldn't it be nice to provide a head start?
What are your thoughts? Have you thought about how much, if at all, you are looking to leave behind? How is this reflected in your estate plan? If you're looking to create a roadmap for your children's inheritance and your own financial future, please contact our office. We look forward to helping you tackle these loaded questions and make a plan that makes sense for both you and your family.
Until next time.