Financial Management Fundamentals For Those Who Have Children Who Will Receive An Inheritance In Ontario

If you’re a parent, you know how important it is to raise our children to be independent and successful. Even though we may have wonderful kids, we still worry about our children’s behaviour, who our children will marry, if they will be successful and if they will be financially responsible. You will want to make sure that your children will be able to manage their financial affairs, especially if they are going to be heirs to an inheritance in Ontario. We want to give our children the financial management fundamentals that they will need for their future.

Chances are you’re going to pass along the bulk of your wealth to your children. You’ll feel better if you know that your children are able to manage money and will be able to draw the maximum benefit from their inheritance in Ontario.

According to a poll conducted by one of Canada’s big five banks, only 58% of respondents said they were confident that their children would be able to properly manage money left to them. Your children’s behaviour towards money and the financial management fundamentals that they will need is extremely important and there are steps you can take to provide your children the information they will need to manage money they receive wisely.

Knowledge is key. Teaching your children financial management fundamentals is the first step to preparing them for the future. This is where an Ontario Insurance Advisor can come in very handy. There is a wealth of books, workshops and websites that will aide in teaching your children the basics of sound investment management. You can also work with a local Ontario Insurance Advisor to come up with a plan to prepare your children to manage their inheritance.

Many parents worry that their adult children will squander an inheritance by spending it away bit by bit, instead of using it wisely to provide for their own futures. Teaching your children how to manage money is positive in many ways. Share your insight. You know from your own experience that effective wealth management means focusing on making wealth grow overtime, through sound long-term investments, effective tax moves, and a host of other strategies that reinforce wealth accumulation.

Effective estate planning will include a combination of choosing the right insurance products and ensuring that your children are fully equipped to manage the proceeds properly in the event that they end up inheriting. For more information on financial management fundamentals for your children who will receive an inheritance, please contact Gary Mandel at IFCG by calling (416) 849-1653 or by visiting www.wecoveryou.ca