No matter how much we’d like to deny it, what gets passed down to us from our parents has a significant impact on our lives.
Kids of active folks tend to be athletic adults.
If we’re taught to floss from a young age, most of us will keep that up.
Other times, the bad stuff gets passed down.
Kids mimic bad habits like smoking.
People inherit genetic conditions.
I see it also with money.
One bad habit I see is people relying on their 401k plan as their silver bullet savings plan for retirement – and expecting to leave the rest to their kids.
Seems logical, right? Don’t pay taxes now – worry about it later. Taxes will be lower, right?
Hold up there!
Our population’s aging, our country’s almost 30 trillion in debt, and politicians have seemingly no interest in cutting spending. What if the chickens finally come home to roost, and we actually see them rise?
This tax bomb will be transferred to your kids (no genetics necessary), forcing them to pay even more tax than you.
What a gift to inherit!
Here’s the thing – it’s not all doom and gloom!
You can take steps to minimize the tax on your retirement accounts.
Don’t make high taxes the most memorable thing you give your children.
Arrange a complimentary 15 minute consultation by calling 513-563-PLAN (7526) or click here to schedule a time.