Leaving Money To The Next Generation:-If you're planning to leave a big chunk of cash or assets to your heirs, follow these guidelines:-
1. Structure the transfer from one generation to the next using trusts. This allows you to control the flow of money and limit taxes, too.
2. Train your heirs on the responsibilities of managing great amounts of money before they take possession.
3. Require a "do nothing" period after you pass, and require your heirs to meet and confer with financial experts you've chosen to force a period of learning, reflection and (hopefully) clearheadedness.
4. Fund their retirement(s) first.
5. Require them to pay off any high-cost debt.
6. Teach them to never make financial promises to anyone.
7. Keep the big money separate from day-to-day cash. It tends to disappear more quickly if it's all in one place.
8. Spread it across many bank accounts to maximize any Bank Deposit Insurance coverage limit.
Source: Wealthy Retirement
http://wealthyretirement.com/the-vander ... -solution/
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