The Living Trust Advisor by Jeffrey L. Condon

Author:Jeffrey L. Condon
Language: eng
Format: epub
ISBN: 9781119093312
Publisher: Wiley
Published: 2015-12-07T00:00:00+00:00

Financial Advisor Alert

You will never know whether your clients are creditors to their children unless you ask. So ask away! Remember . . . recognizing the solution to any inheritance problem that can undermine family relationships is recognizing that problem in the first place. If your clients confirm that such a relationship exists, make inquiry as to whether their child will ever satisfy that debt. Don’t settle for an opinion of optimism (“I’m sure he will one day”). If they “get real,” they will likely conclude that they will never get paid back. Yes, there are exceptions with debtor children who faithfully repay their parents, but I have found them to be few and far between. Be prepared to discuss the family fallout that will likely occur over the unpaid debt—and the solutions that appear in the next section.

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