Leaving a little for the kids.
Most of the time, financial talk centres on topics such as saving for retirement or paying for university for the kids. But, one topic that floats around without much attention is inheritance.
Most parents probably harbor a desire to leave a little for the kids. But for high net worth individuals, this can be a substantial amount of money. Yet, even those skilled at making or accumulating money don’t do much of a job of preparing to pass it along to the next generation – either preparing themselves or their children.
That’s the finding of the first of four reports RBC Royal Bank will issue this year on inheritance.
The report says 60-percent of the high net worth individuals surveyed in Canada, the US and the UK were concerned their kids wouldn’t preserve or build the wealth they inherit.
Then there’s the other side….many parents don’t share their own financial position with the kids. Fewer than one-in-four are comfortable sharing financial information with their children, yet three-quarters say the kids will be the principal beneficiaries.
Paul Martin You’ve heard him on the radio, seen him on TV and read him in newspapers and magazines. Paul is a popular keynote speaker on topics ranging from the economy to tapping community potential. His unique blend of communication and business knowledge has made him a highly sought-after consultant. As the Chair of Martin Charlton Communications, Paul is MCC’s ‘go to’ guy for all things business in Saskatchewan. He is the chair of four Saskatchewan branches of TEC (The Executive Committee) – a global organization dedicated to improving the performance and enhancing the lives of CEOs – which has over 50 CEOs and senior executives among its Saskatchewan members. The long and short: Paul knows the province’s corporate community and business economy like few others. He is a potent conduit for anyone looking to do business in Saskatchewan, Canada’s fastest growing economy. His strategic advice is unrivalled.