Money Matters: Teaching Kids to Be "Trust" Worthy
Is your child or grandchild going to be the recipient of a large inheritance?
The problem of raising financially responsible children is compounded when children receive trust funds. An inheritance can seem like a windfall, especially to a young person just out of their teens or recently graduated from college.
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“Some parents hide trusts from their kids because they are afraid the money will ruin them,” says Dick Wagner, a financial planner and principal of WorthLiving, LLC.
But teaching children to manage money doesn’t happen on the day a trust fund passes to the child. It starts when the child begins to realize that money is a medium of exchange.
In other words, preparation for inheritance starts early.
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