Separating fact from fantasy is one of the most valuable services that financial planners can provide to their clients. And a common financial fantasy is that our parents will leave us a sizable inheritance.
The truth is that sometimes that money goes to nonprofits. Sometimes the parents live long and live large, and die with a negligible estate. Family relationships can sour and the money might even go to a beloved pet, adding insult to injury. So for this week’s Big Q we asked advisors: What do you tell clients who are banking on a big inheritance to pay for their retirement?
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