Does a Gift of Money Mean Love?

ThinkstockPhotos-518684292Most baby boomers consider a gift of money an expression of love, according to a survey. But this can complicate estate planning if those getting the money see it differently.

Millennials, in particular, have varying views about getting gifts, according to the survey reported on finance.yahoo.com.

About one-third of them see monetary gifts as a way for the older generation to exert influence over them.

The different generations also disagree over how assets should be distributed. Those over 50 overwhelmingly said it was most fair to divide assets equally among heirs.

But only one-third of millennials saw it that way — they are more open to weighing need and other factors to determine worthiness.

That’s why it is crucial to have family meetings to discuss how you are going to distribute your assets, the story says.Β  A clear discussion can help make an unequal distribution easier to accept, it says.

If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.

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