opinion

Financial considerations when giving and receiving an early inheritance

Parents need to find the right balance and instill a strong work ethic that sets inheritors up for lasting success.

Early inheritance can allow parents to see their hard-earned money make a difference in their children’s lives, but careful planning is required to maximize the benefits and avoid unintended consequences.

Just as wealth advisors personalize their guidance and financial planning according to each client’s needs, they should support parents who are gifting based on each child’s circumstances. Not all gifts are created equal, even if the dollar amounts are identical. The type of gift, its timing and how it’s given can lead to vastly different outcomes.

For example, giving large cash gifts to chi

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