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Estate planning for future generations requires communication

Most Delaware residents work hard to provide for their families both during life and after they are gone. Estate planning can help to secure the financial future of their children, but it would be a good idea to look back a generation before proceeding. How their parents intend to pass on their estates could directly affect how they structure their estate plans.

The question is how to bring up the subject without appearing callous and over eager about any potential inheritance. Their parents might also not be comfortable discussing their finances with them -- let alone discussing their demise with their children. In some circumstances, it might diffuse the tension to invite parents to attend a meeting with an estate-planning attorney.

Every family is unique, and in order to structure an estate plan effectively, all of the relevant facts need to be disclosed. For example, if grandparents intend to leave their children (who are now parents) a sizable inheritance, the parents can then save money to provide for their children after death. In the alternative, it might be more beneficial to allow an inheritance to provide for the grandchildren if the parents have substantial assets of their own.

No matter what a Delaware family's situation is, estate planning can help ensure that generations are provided for financially. Understanding the options based on what each generation would like to accomplish can help eliminate frustration and guess work. After a plan is in place, everyone receives peace of mind that the succession of assets from one generation to the next is accounted for by each generation's estate plan.

Source: library.wilmingtontrust.com, "Communication is Key in Multigenerational Estate Planning", Accessed on Dec. 16, 2016

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