Inheritance. You may or may not wish to leave an inheritance for your children or loved ones, but if you do, there are factors to be aware of and consider.
Deciding whether to leave an inheritance for your children impacts the amount you save, the retirement plans you choose and how you take qualified retirement plan distributions.
Then there’s the consideration about providing for your children in case you die prematurely. This consideration takes more than picking someone to raise them (legal guardianship – this is something we have covered in a previous blog). You should also consider what will happen to any money or property your children inherit from you. Who will manage it for them until they became adults? When should they receive it?