Inheritance

Inheritance generational wealth refers to assets passed by one generation of a family to another. Those assets can include stocks, bonds, and other investments, as well as real estate and family businesses.

You accumulate assets throughout your life as you save and invest your hard-earned money. These assets are for your family and loved ones so that they can use them when they need if you are not around to provide for them. While you might wish your assets to be passed down to your family members, there might be a dispute when you do not specify which asset should be allocated to whom. As such, inheritance planning is needed. Inheritance planning is wherein you allocate your assets among your family members after your demise. Inheritance planning is also called estate planning wherein you divide your assets among your living family members. When you plan your inheritance, you can dictate which asset should be allocated to which family member and by what amount.

If you receive a large inheritance and use it wisely, it can make a positive difference in your life. But don't feel rushed into making any decisions and seek professional advice if you need it.

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