Ep 44: Should You Tell Children About Inheritance Plans + Other Listener Questions

If your estate plans include leaving behind a money to your children, should you tell them about it ahead of time or make it a surprise? There are arguments for both sides and we’ll share some of our guidance on that topic. Plus, we’ll cover annuities, retirement income, trusts, and investment strategy on this mailbag edition.

 

Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-44-should-you-tell-children-about-inheritance-plans-other-listener-questions/ 

 

Today's show schedule: 

0:48 – Mailbag Question #1: I have a variable annuity and just found out the fees are very high. I’d like to move the money but I’d have to pay a penalty to take it out. Is it worth it to avoid the fees?

2:26 – Mailbag Question #2: We should be leaving a decent amount of money to our kids. Should we tell them about it now or surprise them with it later?

4:51 – Mailbag Question #3: We have big travel plans when we retire, including all seven continents. Do we need to plan having even more income in retirement than we have now.

7:06 – Mailbag Question #4: Is it wise to have a trust as part of my financial and estate plan?

8:50 – Mailbag Question #5: When should I start focusing less on growing my money and more on protecting it instead? I plan to retire in two years.