I want to empower my daughter so she feels confident once she inherits a substantial amount of money. How can I do that, Moneyist?
My daughter is 29. She is about to inherit a substantial amount of the principal from a trust left to her by her grandfather, who has been gone for approximately 15 years.
To my knowledge, she has never made an expensive purchase of any kind with either her own money or her grandfather’s money. My husband, 64, is fine with managing her money for her. She does her own taxes, but gets advice from him for the trust-related income, and is aware of the balances in her trust accounts.
The language in the trust says only that the money could be disbursed prior to age 30 with permission of the trustees for use for her health, education and well-being. I think this language is guidance for the trustees, as a way to say no to teenage requests for fast cars and cruises. So, in summary, how do we start to encourage our smart, educated, responsible daughter to engage with her financial situation and also to think about the money in ways that are consistent with her own adult values? Or do we just leave her alone and continue on this way until she initiates change or my husband can no longer manage her investments?You’re correct in that unless your daughter builds enough financial confidence to ask questions and learn about how she can invest her money, and trust...
An RIA will also help her create a roadmap for her retirement. The FINRA Investor Education Foundation and NORC at the University of Chicago conducted a survey last year of first-time investors, who flocked to the market to buy stocks during the dip in the stock market. Their No. 1 reason? To invest in retirement.
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