Assuring a Financial Heritage: The Art of Inheriting

Duff, Richard W.
August 1996
Journal of Financial Planning;Aug1996, Vol. 9 Issue 4, p24
Academic Journal
The article discusses the art of inheritance planning. It is very crucial for everyone to do inheritance planning. Yet there are several sizable obstacles to overcome like the attitudes of the parties toward the inheritance. In their 1994 Cornell study Professors Robert Avery and Michael Rendall proposed three theories to explain bequests. First, elderly persons keep money on hand for emergencies. Second, they fear the possibility of living too long and running out of cash. Last, there seems to be an unwritten agreement that if the younger generation follows standards imposed by their elders there may be a financial reward later. Whether it occurs naturally or because of a family crisis, most inheritance planning begins with a family meeting. Either way, it is better to be prepared. The goal of the second meeting is to legally reduce matters to writing and to make financial decisions that provide for everyone in the family. An agenda is prepared, and everyone in the family has an opportunity to make suggestions.


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