If so, consider gifting a small portion of the anticipated inheritance during your lifetime as well.

In many cases, it makes sense for parents, while still living, to give their children a portion of the accounts and property that they ultimately want to leave them at death. This way the parents can observe how their children will manage and use the assets. Parents often learn a great deal about how their children are likely to handle larger infusions of cash or property from an inheritance after they are gone.

Giving children a substantial amount of their inheritance prior to death can also provide a valuable opportunity for parents to mentor their children in the appropriate use and management of the accounts and property. This prepares them for the additional accounts and property earmarked for them after the parents’ passing.

Our firm is committed to helping our clients prepare estate plans for their unique situations. You can schedule a free initial consultation with our team to determine the right strategy for you.