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Saturday, December 3, 2022

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Expecting an Inheritance? Consider Coordinating Your Estate Plan with Your Parents’



One important aspect of estate planning that can sometimes fly under the radar is “upstream” planning, which focuses on what clients may be inheriting from their parents. This can come into play especially if a client believes they might receive a significant inheritance, because learning those details ahead of time can greatly impact decisions about what to do with their own assets.

A brief story. We once had an extremely successful client who amassed a net worth of more than $200 million. His father was also a very successful retired CEO whom we reached out to initiate upstream planning conversations. However, when we asked if he would share his estate planning, he denied us. He never discussed his finances with his son and said he never would. His reasoning was that he didn’t want to take away his son’s motivation.





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