Talking about how much money you have with your children can be a touchy subject. Many people consider it a private matter and, talking to your children about this can be difficult for many.
However, not letting your children know what they can expect may leave them unprepared and can hinder their ability to handle money and their inheritance wisely. Experts agree that it is important to talk to your children about money. You do not need to show them bank and financial statements, instead you can talk to them about your values, the opportunities money can provide and, what you may want them to accomplish with their inheritance.
The most effective way to teach your children about your views and values on money is by example. Let them see you using your money in ways that reinforce your own values. If your children see you being charitable, chances are they will also be charitable. Many parents show how they value family relationships by going on family vacations or buying a second home for the family to enjoy together. If they see you looking for value on a purchase and comparison shopping, chances are they will not be wasteful with their own money or with their inheritance.
Posted by Bradford Miller Law, P.C.
134 N. LaSalle, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
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