Give While You Live Or Wait Until Death? Take Our Quiz To Find Out
Give while you're living or wait until you die? That's the choice for many retirees sitting on a sizable nest egg as they live out their golden years.
At last check, an estimated $124 trillion in assets are expected to be passed on in the Great Wealth Transfer, according to research firm Cerulli Associates. While most of it will go to heirs after their deaths, many people want to give while they are still alive.
After all, a new Morning Consult survey conducted on behalf of Kiplinger found that when asked what they would want an inheritance used for, both parents and adult children cited practical uses such as paying down debt, buying a home or securing retirement, all of which can benefit heirs now or in the future.
On the one hand, if you wait until you die, the money has more time to grow and compound; on the other, if you give while you live, you can enjoy the fruits of your labor or help someone now. You can also do a little bit of both: give a little while you are alive and leave the rest for when you're gone.
Which giving approach works best for you depends on your financial goals, risk tolerance and personal values. To determine which type of giver you are, take our quiz.
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Editor's note: We know this can be a contentious conversation. If you want to share your opinion, reach out to us at KipInheritanceTalk@futurenet.com.
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