Estate Planning: Keeping Your Legacy in the Family
Ways to Ensure the Wealth You Pass on Stays with Your Children
It’s a blessing to be able to pass on significant assets to your children – and it’s likely one of the reasons you worked so diligently and saved so strategically throughout your lifetime. It’s natural to want to keep your wealth in the family, especially as we find ourselves living through an economically uncertain time. Even though you might love your daughter-in-law or son-in-law very much, recent world events have reminded us that you can’t predict what the future may hold. This leads many people to wonder whether there’s a way to leave money to their children without passing any rights on to their children’s spouses.
Typically, once you pass assets to your children outright, their spouses will have equal rights to those assets. When you have positive relationships with the spouses, it’s natural to feel a bit guilty about trying to avoid passing on any rights to your wealth. However, if you feel strongly about preserving your financial legacy for your children, there are ways to do so.