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.


Related Articles

  • HOW MUCH WILL YOU INHERIT? Levenson, Eugenia // Fortune;6/26/2006, Vol. 153 Issue 12, p68 

    The article discusses inheritance and its effects on individual financial planning. $45 trillion will transfer over a 55 year period ending in 2052, but not all of it will go to beneficiaries of deceased relatives and the distribution will be very uneven. Graphs and charts illustrating the...

  • Helping Surviving Spouses. Kahan, Stuart // CPA Wealth Provider;Oct2005, p15 

    Focuses on professional financial advice needed by surviving spouses in the U.S. Locating of policies and important papers; Retitling of assets; Changing of beneficiaries.

  • AFTER-DEATH REQUIRED MINIMUM DISTRIBUTION PLANNING: TRUSTS AND SEPARATE ACCOUNTS. Caudill, April K. // Journal of Financial Service Professionals;May2005, Vol. 59 Issue 3, p35 

    The article informs that after-death required minimum distribution planning. The issues involved in estate planning for retirement plan assets have grown much simpler in the past few years, with required minimum distribution rules that ordinary people can actually understand now in effect. This...

  • Taking Care of Business. Richmond, Andrew; Davis, Hollie // Maine Antique Digest;Mar2014, Vol. 42 Issue 3, p1 

    The authors discuss ways in which family estates can best be dispersed in order to avoid disputes over material possessions. Topics addressed include asking the heirs about their thoughts on the materials to be bequeathed, determining what kind of work it would take to dispose of possessions,...

  • CHAPTER 28: Other Information. Cullen, Melanie; Irving, Shae // Get It Together (9781413312713);June2011, p231 

    The article focuses on the information that must be included in the Other Information section of an estate plan. They include family medical history, memoirs or family genealogy that the planner would like to store safely and securely. This section would also include instructions, documents and...

  • Have "The Talk" with Your Folks. Schurenberg, Eric // Money;Jul2006, Vol. 35 Issue 7, p14 

    The article describes estate planning as a partnership between older generations and their children. The author argues that, besides good financial investments, proper communication between the generations is essential for well-managed estate planning. The author notes that older generations'...

  • Your Family's Money. Updegrave, Walter // Money;Jul2006, Vol. 35 Issue 7, p72 

    The article focuses on the importance of family financial planning and open communications about money. The article explores the cost of retirement in various phases of retirement and the importance of communicating to family members about financial assets, contacts at financial firms, and...

  • ARTICLE.  // Labor Law Journal;Jun50, Vol. 1 Issue 9, p742 

    This article focuses on the paper "Congressional Proposals for Improvement of Old Age and Survivors Insurance and for a New Disability Insurance System--H.R. 6000," published in the summer 1949 issue of the journal "Lawyers Guild Review." H.R. 6000, which would amend the Social Security Act, is...

  • What would you do with 20K?  // Colorado Business Magazine;Jan1995, Vol. 22 Issue 1, p14 

    Reports on the results of the survey by the American Association for Financial Planning on how people would spend an inheritance of twenty thousand dollars.


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics