TL;DR
Get smart everyday buys delivered free with Prime
- Fast, free delivery on millions of items
- Prime Video, Amazon Music and more included
- Member-only deals all year
A Kiplinger report recommends treating inheritance preparation as a gradual education, from saving and giving in childhood to budgeting, debt management and family financial discussions in adulthood. It draws on a survey finding that more than half of parents age 55 and older rarely or never discuss money with their children; the report does not establish how common unprepared heirs are overall.
A Kiplinger report sets out an age-by-age approach to preparing children for inheritance, urging families to teach money habits well before heirs are asked to manage assets or take on estate duties. The guidance matters as the report cites a survey finding that more than half of parents age 55 and older rarely or never discuss money with their children.
The article, written by a legacy planning specialist at Novare Capital Management, argues that inheritance preparation is better treated as a long-term learning process than as a single meeting about an estate plan. The author recounts a family whose four adult children learned the full extent of their parents’ wealth only in their 50s and 60s, during a meeting with an attorney and financial adviser. The children felt unprepared for the responsibilities their parents had expected them to take on, including helping oversee a portfolio or serving as executor or trustee.
For elementary- and middle-school-age children, the report recommends practicing saving, spending and giving with real choices and clear limits. One example is a family that had children research charities and explain their choices; parents matched each child’s donation. Another practice is a modest parental match for money saved. The report says children should retain some control over their money, including room to spend within agreed guidelines.
For teenagers, the suggested lessons become more practical: contribute toward larger purchases, learn responsible credit use and practice investing through a simulated platform rather than risking real money. In their 20s, young adults can work on budgeting, paying down high-interest debt and building an emergency fund covering three to six months of expenses. The report also advises parents and adult children to agree in advance on the terms of temporary support, such as whether a child returning home will contribute to household costs and for how long.
Building Skills Before Heirs Take Responsibility
The report’s central point is that inheriting wealth and being ready to steward it are different things. Children asked to make financial decisions without prior practice may feel overwhelmed, while parents may discover that their expectations about who will manage assets or serve in estate roles were never discussed. The account is a reported example, not evidence that all heirs respond the same way.
Gradual conversations can also clarify family expectations before a death, financial emergency or transfer of assets forces a decision. The proposed steps do not require parents to disclose the size of an estate during childhood. They focus first on transferable skills—budgeting, saving, evaluating costs and giving—and later on communication and possible responsibilities.
kids savings account with parental controls
As an affiliate, we earn on qualifying purchases.
As an affiliate, we earn on qualifying purchases.
From Money Habits to Family Roles
The report cites Kiplinger’s Trillion Dollar Talk survey, conducted by Morning Consult, which found that more than half of parents ages 55 and older say they rarely or never discuss money with their children. The supplied material does not give the survey’s sample size, field dates or exact percentage, so the finding should be read with those details unavailable here.
The author organizes the advice by life stage. In childhood, lessons center on basic choices and values. During high school, teenagers can take responsibility for a portion of larger expenses and learn about credit. In young adulthood, attention shifts to independent finances and the boundaries of family support. By the 30s and beyond, the report says the focus can move toward partnership and preparation for roles in the family’s financial future.
For older children, the author recommends beginning family meetings with ground rules about how relatives want to communicate, rather than starting with a full accounting of assets. The report says families may choose to delay revealing estate values; it presents agreement on communication as an earlier step.
“I think about preparing the next generation less like a single event and more like a curriculum, one where the lessons grow with the child instead of arriving all at once in a conference room.”
— The report’s author
educational money management games for children
As an affiliate, we earn on qualifying purchases.
As an affiliate, we earn on qualifying purchases.
Survey and Estate Details Not Provided
The source material does not give the survey’s field dates, sample size or precise percentage behind the finding that more than half of parents 55 and older rarely or never discuss money with their children. It also does not establish how representative the author’s family examples are or measure whether the proposed lessons improve inheritance outcomes.
The report offers general guidance, not a plan tailored to a particular family’s circumstances. It does not specify how much wealth parents should disclose, when to disclose it or which children should be assigned estate roles. Those decisions, and the legal and financial details of an estate plan, remain specific to each family.
teen budgeting and financial planning books
As an affiliate, we earn on qualifying purchases.
As an affiliate, we earn on qualifying purchases.
Start With a Family Conversation
The report recommends beginning later-life family discussions with shared ground rules for talking about wealth, rather than immediately reviewing balances or assigning duties. Families can then build on that conversation as children mature, introducing more detail and responsibility over time.
For parents and adult children, a practical next step is to identify the skills or responsibilities that need discussion and agree on a time to revisit them. The source does not announce a policy change, deadline or scheduled follow-up; it offers a framework families can adapt.
simulated investing platform for teenagers
As an affiliate, we earn on qualifying purchases.
As an affiliate, we earn on qualifying purchases.
Key Questions
At what age should parents begin talking about money?
The report recommends starting with simple choices in elementary and middle school, including saving, spending and giving. It does not set a single required age or schedule.
Do parents need to tell children how much they will inherit?
No. The author says families can begin by agreeing on how they want to communicate about wealth without disclosing the full balance sheet. The report does not prescribe when or whether exact estate values should be shared.
What financial skills does the report recommend for teenagers?
It suggests contributing toward larger purchases, learning responsible credit use and trying simulated investing to experience market changes without risking real money.
What should parents discuss with adult children who may need support?
The report recommends agreeing on expectations before a crisis, such as whether an adult child who moves home will pay rent or contribute to groceries and whether the arrangement will have an end date.
What did the cited survey find?
Kiplinger’s Trillion Dollar Talk survey, conducted by Morning Consult, found that more than half of parents age 55 and older said they rarely or never discuss money with their children. The supplied material does not include the survey’s field dates, sample size or exact percentage.
Source: rss
Halloween Picks
halloween
As an affiliate, we earn on qualifying purchases.
