When are children really prepared to receive an inheritance? This is a question I often get, and after 47 years of addressing issues for thousands of clients, my answer is solidified: They are ready when they prove to you now that they are ready. Have a fire drill: give them some money now, let them know you will be watching how they handle it, and then watch them. If the money disappears quickly, so will their inheritance. If what you see concerns you, consider slowing down the inheritance they receive –the way you accumulated it, through a well thought out trust. Your estate planning attorney can help.
– Attorney Jack N. Alpern