Kimberly Palmer: How to plan for a potential inheritance
By KIMBERLY PALMER of NerdWallet
Baby boomers are poised to pass on an enormous amount of wealth to their children and grandchildren over the next two decades. Financial experts recommend talking about potential inheritances early, while family members are still living, so you can prepare together. Being aware of your parents’ financial situation can also make it easier to provide assistance if they need it. While it can be helpful to map out what you might want to do with a windfall, such as paying off debt or taking a dream vacation, experts caution against counting on the money before it arrives because it might end up having to go toward other expenses instead.
