Washington family dynamics can always be a source of frustration for parents and their kids as well. Death is a difficult topic for anyone to talk about, but when family drama is brought into the situation, it can be commonly ignored. Estate planning is a critical topic to discuss with your family, but how can you discuss this commonly ignored topic?
The baby boomers are entering the final stages of their lives. With that comes trillions of dollars that their beneficiaries will inherit. But, just a small percentage of families have discussed financial plans with their kids. UBS recently did a study of their clients. Of those surveyed, over 80 percent had a will, but only half shared the will with their kids and a third discussed what their assets are with their kids. Around 50 percent of parents talk about inheritance with their kids. Although most parents want the transfer of assets to go smoothly when they die, without talking to the children, it could lead to family headaches.