{"id":55195,"date":"2024-08-26T08:00:00","date_gmt":"2024-08-26T13:00:00","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=55195"},"modified":"2024-08-27T11:03:54","modified_gmt":"2024-08-27T16:03:54","slug":"preparing-your-clients-children-for-their-inheritance","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/advisory-services\/preparing-your-clients-children-for-their-inheritance\/","title":{"rendered":"Preparing your clients’ children for inheritance"},"content":{"rendered":"\n

Like many of your peers, you\u2019re moving upstream from tax prep and financial statements to a more holistic form of planning for your clients. That\u2019s great. Just make sure you don\u2019t overlook your clients\u2019 teenagers and young adult children. Research shows<\/a> you\u2019ll have a significantly better chance of continuing to work with those families when mom and dad pass, or can no longer handle their financial affairs. <\/p>\n\n\n\n

According to the latest Nuveen Wealth Inheritor Research Study<\/a>, 80% of inheritors who start meeting the family advisor as a child or teen will keep working with the advisor<\/a> as they get older. If they don\u2019t meet the advisor until they\u2019re adults, the chance they\u2019ll keep working with them goes down to 54%. With an estimated $80 trillion set to transfer between the generations over the next two decades, isn\u2019t it worth getting to know NextGen<\/a> among your clients?<\/p>\n\n\n\n

Holistic tax advisory<\/strong><\/p>\n\n\n\n

By taking a holistic view of your client’s entire financial picture\u2014rather than just with your tax glasses on\u2014you can provide a wide range of wealth management, asset protection, exit planning<\/a>, and legacy planning services without having to bring all of those capabilities in-house.<\/p>\n\n\n\n

Thanks to advances in technology and communication, it\u2019s now easier than ever to do so via the virtual family office model<\/a>.<\/p>\n\n\n\n

Wealth managers have long recognized the value of the holistic approach. However, wealth managers generally don’t start working with people until they have substantial assets to manage or transfer. By contrast, tax and accounting professionals start working with clients much earlier in their wealth building years and have a much more significant impact on their clients\u2019 lives than waiting until clients have built up substantial assets. They intimately know their client’s family situation, values, goals, and concerns. I\u2019ve found this approach is much more rewarding for you, the advisor, and for your clients; it\u2019s about building a better Return on Relationship<\/a> (ROR) with your clients. More on that in a minute.<\/em><\/p>\n\n\n\n

So going back to your clients\u2019 children; it\u2019s not enough to help your clients determine the most tax-advantaged way to transfer their assets. We need to prepare young inheritors to receive their windfall and for the responsibility that comes along with it. As record numbers of boomers retire and\/or exit their businesses every day, you can\u2019t afford to ignore this responsibility to your clients.<\/p>\n\n\n\n

Hope is not a strategy<\/strong><\/p>\n\n\n\n

Anyone who\u2019s a fan of the TV show \u201cSuccession\u201d knows how dangerous inherited wealth can be without proper context and training. How do you set up your clients so their inheritance doesn\u2019t disable them? As Warren Buffett famously said, he would give his children \u201cenough money so that they would feel they could do anything, but not so much that they could do nothing.\u201d<\/p>\n\n\n

\n
\"\"
Randy Fox<\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n

\u201cUnfortunately, I\u2019ve found that way too many advisors, including accountants, have little or no relationship with the kids of their clients,\u201d Randy A. Fox<\/strong>,\u202f<\/em>CFP\u00ae, AEP,\u202f<\/strong>told me on my podcast<\/a>. \u201cThey don\u2019t meet with them. They don\u2019t talk to them. They don\u2019t include them in discussions with the parents. They don\u2019t ask how they can bring the kids in or make them aware of what\u2019s coming or how to make them responsible.\u201d<\/p>\n\n\n\n

Fox is founder of\u202fTwo Hawks Family Office Services<\/a>, and a nationally known wealth strategist and philanthropic estate planner<\/em>. <\/em>Instead, Fox said, parents just drop a large financial windfall in the children\u2019s lap and hope for the best. As the old saying goes: \u201cHope is not a strategy.\u201d

If families don\u2019t have frank and open discussions with their children about wealth, children can blow all the money or bicker constantly with each other.<\/p>\n\n\n\n

\u201cI\u2019m not suggesting advisors must become facilitators or family wealth counselors, but they certainly have the ability to spot the issues,\u201d he said. \u201cIt\u2019s up to the advisor to bring issues to the surface, talk to the family openly about them, and bring in a professional facilitator if needed.\u201d<\/p>\n\n\n\n

A rock-solid estate plan isn\u2019t enough<\/strong><\/p>\n\n\n\n

For CPAs and tax accountants, it\u2019s not just about getting your clients\u2019 children to stay with you; it\u2019s about getting the children to think about what to do next when it comes to their inheritance.<\/p>\n\n\n\n

\u201cWhen I give talks to advisors, I tell the audience that never in my 40-year career have I heard a family elder say, \u2019Randy, when I die, I want to be sure my kids never talk to each other again.\u2019\u201d<\/p>\n\n\n\n

\n

I know that sounds ridiculous, but imagine what happens when large amounts of inheritance are involved. <\/p>\n<\/blockquote>\n\n\n\n

I know that sounds ridiculous, but imagine what happens when large amounts of inheritance are involved. Both Randy and I have worked with families in which siblings stop speaking to each other because one took a family portrait the other one wanted, one child got mom\u2019s fine china or jewelry and the other one didn\u2019t, or the siblings living close to their late mother swooped in and took everything out of their parents\u2019 house before the out-of-town siblings could arrive. The situation is likely to get worse when there is less and less communication between family members, and they don\u2019t live near each other anymore.<\/p>\n\n\n\n

When it comes to inheritance, children not only need to be prepared to receive it, but should have the ability to voice their concerns and suggest ideas about how their inheritance will be handled. What 22-year-old is ready for $100,000 suddenly in their bank account, let alone several million dollars? Once the money transfers, it\u2019s likely to trigger questions like \u201cwhat can I buy now?\u201d and \u201cwhere can I travel next?\u201d<\/p>\n\n\n\n

As the Nuveen research showed, nearly seven out of 10 inheritors (69%) who are working with an advisor prefer to oversee some aspects of their financial plan personally. \u201cThis underscores the importance of a teaching relationship to support them in making informed decisions,\u201d researchers asserted.<\/p>\n\n\n\n

Return on relationship (ROR)<\/strong><\/p>\n\n\n\n

ROR is an important metric for CPAs and other financial professionals who intentionally prioritize the relationship component of the services they provide for clients: The human side of financial advice. ROR is at the foundation of my forthcoming book: “<\/em>Holistic Guide to Wealth Management: The Science Behind Integrating Services with the Human Side of Behavioral Financial Advice<\/em><\/a>.”

<\/em>Because you know your clients\u2019 financial situations so well, you\u2019re in a unique position to do that. When you pair a highly skilled wealth receiver with a highly skilled wealth quarterback, there\u2019s no limit to what they can accomplish.

Hey (CPA) coach! That\u2019s where you come in.

DISCLAIMER: https:\/\/www.arrowrootfamilyoffice.com\/disclaimer\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Find out how holistic tax advisory is a good strategy for helping your clients’ children with possible inheritances. Rory Henry, CFP\u00ae, BFA, explains.<\/p>\n","protected":false},"author":144649088,"featured_media":55197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_reviewed_by_select":[],"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","customModifiedDate":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[646041873],"tags":[646041848],"intuit_collection":[],"intuit_series":[],"coauthors":[646041895],"class_list":["post-55195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advisory-services","tag-tax-advisory"],"header_image":"","yoast_head":"\nPrepare 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