Saturday, June 29, 2013
Jack Waymire, the author of the book “Who is Watching your Money?” has recently written about the transition of assets from generation to generation. Eventually children will be investing their parent’s finances and it is best that they be well prepared. Making wise investment decisions requires good judgment and maturity. People with more than one child should outline and detail each child’s responsibilities. Waymire suggests the child with the most financial experience be the chief decision maker. Parents should begin priming their children for their role in investing family assets in early adult hood, when children can appreciate the responsibility. Additionally, parents should clearly express the financial goals, risks, and duties the child is accountable for. Waymire notes that parents should be open to potentially changing financial strategies so that each possible technique is examined and can maximize the stride toward the ultimate goal.
See Jack Waymire, When Kids Take Over, Wealth Managment, Jun. 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.