The Shocking Reason Why Siblings Squabble Over Inheritance And How To Prevent It

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Work with a financial advisor, accountant and estate planning attorney to create a solid estate plan. Be sure to include a robust plan to overcome potential problems e.g., if a child faces particular life or health challenges. Your planning should keep pace with changes in your life and financial circumstances. Advisors can also help mediate sensitive conversations, and more easily discuss the reasoning and technicalities behind the planning.

When it comes to splitting a family business or real estate occupied by one child – and now co-owned by the others, Garrett Hurley, founder of Brix Wealth Management suggests using a trust-owned life insurance policy. These policies equalize inheritances while preserving the asset for the child or children actively using or participating in the asset (i.e. running the business, occupying the family home, etc)