[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/nmichlaw.com\/blog\/is-there-a-way-to-maintain-some-control-over-how-my-kids-spend-their-inheritance-once-im-gone\/#BlogPosting","mainEntityOfPage":"https:\/\/nmichlaw.com\/blog\/is-there-a-way-to-maintain-some-control-over-how-my-kids-spend-their-inheritance-once-im-gone\/","headline":"Is There a Way to Maintain Some Control Over How My Kids Spend Their Inheritance Once I\u2019m Gone?","name":"Is There a Way to Maintain Some Control Over How My Kids Spend Their Inheritance Once I\u2019m Gone?","description":"Many parents have a second home, a significant portfolio or collectibles that they\u2019d ideally like to pass on to their kids once they pass away. They may be uncomfortable with the thought of doing so because they worry that their &hellip; <a href=\"https:\/\/nmichlaw.com\/blog\/is-there-a-way-to-maintain-some-control-over-how-my-kids-spend-their-inheritance-once-im-gone\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a>","datePublished":"2021-05-26","dateModified":"2022-06-20","author":{"@type":"Person","@id":"https:\/\/nmichlaw.com\/blog\/author\/nmichlaw\/#Person","name":"Alward Fisher","url":"https:\/\/nmichlaw.com\/blog\/author\/nmichlaw\/","identifier":10,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/63071aa228c966abd886a2cbb647b07806c39706d3fbac14fe9c4c475edc7457?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/63071aa228c966abd886a2cbb647b07806c39706d3fbac14fe9c4c475edc7457?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Alward Fisher","logo":{"@type":"ImageObject","@id":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/09\/logo-fisher.png","url":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/09\/logo-fisher.png","width":288,"height":103}},"image":{"@type":"ImageObject","@id":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/11\/featured-about-1.png","url":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/11\/featured-about-1.png","width":688,"height":382},"url":"https:\/\/nmichlaw.com\/blog\/is-there-a-way-to-maintain-some-control-over-how-my-kids-spend-their-inheritance-once-im-gone\/","about":["Estate Planning"],"wordCount":395,"articleBody":"Many parents have a second home, a significant portfolio or collectibles that they\u2019d ideally like to pass on to their kids once they pass away. They may be uncomfortable with the thought of doing so because they worry that their kids may squander such a lump sum settlement unwisely.There are steps that you can take now, while they\u2019re still impressionable, to help\u00a0prepare your child to inherit a sizable inheritance.Providing them with a solid financial educationYou have an important role in shaping your child\u2019s understanding of money matters. While the whole \u201clead by example\u201d approach is a good one, we can all stand to learn new tricks from others along the way.Many banks and wealth management companies offer extensive educational material on their websites about financial matters. Some apps have emerged in recent years that allow consumers to track their spending and create savings goals. You may want to encourage your child to tap into some of these resources.Preparing your child for what you plan to leave themWhile some parents tend not to discuss money matters with their kids, it is important that they do so. This includes forewarning them about the assets that you plan to have them inherit.Your children may be under the false impression that you have more assets than you actually do. They may not attempt to reach their full potential because they may assume that they\u2019ll be able to live large on the inheritance they receive from you.Another benefit to preparing your child for what they\u2019re going to receive is that it allows you and others to provide them with more specialized insight into how to preserve an asset\u2019s value. They might have to undergo a stiff (and potentially costly) learning curve if you don\u2019t adequately prepare them to receive it.How a trust might give you the control you wantMany parents worry about their kids feeling a sense of entitlement and how it may impact their ability to make anything of themselves. Others have seen where their children haven\u2019t valued the money they have come into and don\u2019t want the same to happen to their kids.An attorney can advise you of the\u00a0many different trusts that exist\u00a0and how you can decide the conditions under which your child receives distributions."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/nmichlaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Is There a Way to Maintain Some Control Over How My Kids Spend Their Inheritance Once I\u2019m Gone?","item":"https:\/\/nmichlaw.com\/blog\/is-there-a-way-to-maintain-some-control-over-how-my-kids-spend-their-inheritance-once-im-gone\/#breadcrumbitem"}]}]