Children and wealth

As a parent, grandparent, or a concerned relative you like to leave a legacy to your children so that not they learn from you but also you contribute to a worthy cause. Also, you like to leave your knowledge of managing those assets to your loved ones so that you can guarantee the care of your philanthropic assets. Some of us believe that leaving a large fortune to your loved ones may do more harm than good. Here are some common thoughts.

A testamentary trust can reward your children or keep the undesirable behavior out of your trust. Trust can be designed to reward children who wish to go to college or a specific discipline and keep those who don’t fit the criteria. Trust can even help those who decide to stay home and raise kids. So, it is up to you to decide what values you want to preserve and promote and reward your heirs those who fit guidelines.

Financial education of your loved ones can start at an early age as early as two according to some research. Best place to start at an early age is a savings accounts and an ATM access. Incorporate philanthropic ideas into early learning.