TITLE

Talking About Estate Planning, Part One

AUTHOR(S)
Gallo, Eileen
PUB. DATE
December 2003
SOURCE
Journal of Financial Planning;Dec2003, Vol. 16 Issue 12, p24
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article discusses estate planning in the U.S. and how and when parents should discuss their estate plan with their children. A study by U.S. Trust found that less than one-third of those surveyed had shared their estate plan with their adult children. John Levy, a pioneer researcher on the effects of money on children and an advisor to wealthy families in northern California, observes that it is not only uncommon to share estate plans with children but when kids ask their parents for specifics, they are often denied information. Perhaps the common reason for this is the belief of parents that trust funds demotivate children once they know the amount they are going to inherit. But based on observations, trust funds can serve as an incentive for children who are entrepreneurial but sometimes might be a disincentive for children who work as employees. On the other hand, a study in the May 1993 "Quarterly Journal of Economics" found that U.S. people who received inheritances in 1982 concluded that the more money you leave your children, the more likely they are to retire.
ACCESSION #
11673856

 

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