Jack Waymire, the author of the book “Who is Watching yourMoney?” has recently written about the transition of assets from generation togeneration. Eventually children will be investing their parent’s finances andit is best that they be well prepared. Making wise investment decisionsrequires good judgment and maturity. People with more than one child shouldoutline and detail each child’s responsibilities. Waymire suggests the childwith the most financial experience be the chief decision maker. Parents should beginpriming their children for their role in investing family assets in early adulthood, when children can appreciate the responsibility. Additionally, parentsshould clearly express the financial goals, risks, and duties the child isaccountable for. Waymire notes that parents should be open to potentiallychanging financial strategies so that each possible technique is examined andcan maximize the stride toward the ultimate goal.
See Jack Waymire, When Kids Take Over, Wealth Managment, Jun. 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
