- ““It makes more sense to give money to your children during your lifetime than at your death,” said Dick Watson. “Leaving money to your children at your death is not nearly as tax-effective. Also, the money often arrives too late to have a positive impact on your children’s lives.”” Wealth in Families Third Edition (Charles W. Collier) Page 29
- “So when would it be best for your heirs to receive their inheritance? People tend to choose one of two approaches. First, define the inheritance and give it to them sooner rather than later Talk with them, provide age-appropriate financial education, and help them understand and work with the money. Financial education and discussion of wealth responsibility are critical to this approach. Openness and access early on, coupled with education, also enhance their ability to choose careers not solely based on economics of the profession.” Wealth in Families Third Edition (Charles W. Collier) Page 29