Is Your Family Financially Healthy?
It's time for your checkup! No, not THAT checkup, your financial health checkup. On Wednesday, Ameriprise Financial (NYSE:AMP) released their "Family Wealth Report" that breaks down America's preparedness and most common trends when it comes to estate planning and inheritance.
"Families are talking about money and we know the more they talk, the more confident they feel about their future," Marcy Keckler, Vice President of Financial Advice Strategy, Ameriprise Financial, tells FOX Business.
The study shows that most family financial conversations revolve around day-to-day activities, but only about half of families across generations have spoken about the heavy, hard-to-ignore topics. 14% of parents say they don't want their kids thinking about death, 19% feel it's not appropriate to discuss and 25% of people simply haven't thought about it yet, the report says.
"Three out of four parents tells us they plan on leaving an inheritance either to their children or their grandchildren," says Keckler. 18% say they plan to leave some money for siblings, 17% to charity and yes, even Fido gets in on the action, 5% to their pets.
"People expect to receive over $100,000, but most commonly don't receive that much," adds Keckler.
Keckler urges families to act now, not to wait for a life-changing event (a family member's sickness or death), to prompt the conversation. Also, triple check the details (like beneficiaries) in any plan that you may have. Keckler also suggests to tell your family members where your documents can be found.
"Consider talking to a financial professional, an estate planning attorney who can help make you a plan that makes sense for you," adds Keckler.
Check out Marcy Keckler's full report breakdown and tips to start a conversation with your family in the video above.