Forget the inheritance

If you’re planning on leaving your child a large inheritance, you might be doing both them and your money a disservice.

Not only does letting your children struggle financially while they wait for you to die create an uncomfortable family dynamic at holiday dinners, it also robs your wealth of its best application: to make your life and that of your children more comfortable.

Instead of leaving a traditional when-you-die bulk inheritance, consider giving your children cash gifts in early adulthood to set them up financially at the start of their life, and to leave you free to enjoy your money at the end of yours.

Read the complete article by Bridget Casey (Aug 20, 2022) on theglobeandmail.com