Every grandparent wants to be generous when leaving money and other valuables to family members, but going about it can be a confusing task. Pitfalls abound, including giving too much too soon or to a person who’s too young. Financial experts agree that working slowly and carefully with the right professional is critical. “Choosing the best person to handle your money will ensure you don’t make a mistake that could result in unnecessary tax burdens,” explains David Bakke, a financial expert at MoneyCrashers.com.
You also want to avoid giving away too much while you’re still alive (you may not have enough for yourself to live on).
Here, the best tips for passing on an inheritance >>