Taking the time to think about what you leave behind is one of the most meaningful steps you can take for your loved ones. Neil V. Carbone shared his insight with Kiplinger highlighting as you craft your estate plan, consider not just how much you pass on, but what you pass on.
From the article:
Neil V. Carbone, trusts and estates partner at Farrell Fritz in New York, also advises that “failing to look ahead can be especially harmful when it comes to estate planning,” because most problems arise after you’re no longer around to fix them.
“Cash is king when it comes to leaving an inheritance,” said Carbone. “It’s the simplest asset to deal with in terms of a transfer.”
Carbone also said to let your children know that, because they could be receiving a sizable amount of cash, they should consider speaking with an adviser about what to do with it. “Chances are, they will have different long-term financial needs and goals than what their 80-year-old parent was doing by holding onto cash.”
Read the full article here: What Is a Good Inheritance? Six Great Assets to Inherit | Kiplinger