People usually wait to talk about this crucial family matter — until it’s too late.
Inheritance is a touchy subject for a lot of families, one that neither the parents, children or other family members know how to bring up, new research finds. In fact, only 21% of children were told how much they’d receive, according to a survey of 2,700 adults by Ameriprise Financial, a Minneapolis-based financial services firm.
That lack of transparency about what’s left behind could put them in a sticky situation down the line, experts say. And it can lead to disappointment. “There’s clearly an opportunity for expectations to be out of line if they haven’t had a chance to talk to the family about it,” said Marcy Keckler, vice president of financial advice strategy at Ameriprise. “Expectations about inheritance often don’t match what happens.”
The conversation around inheritance can cause arguments or familial tensions. Some 47% of millennials think there’s potential for conflicts when talking about inheritance, and 25% of Generation Xers and 17% of baby boomers agreed, the survey found. Boomers were the most confident of their family’s financial future, followed by millennials and lastly…