What Type of Inheritance Are You Giving to Your Children?

Multiple generations of a family spend quality time together, reflecting the lasting impact of shared values, meaningful relationships, and the legacy passed from one generation to the next.

By Anastasia Taber, CFP®

Many people think about inheritance in terms of wills, bank accounts, or investment assets. But without clear planning and organization, an inheritance can sometimes create confusion, family tension, unexpected taxes, or difficult legal decisions during an already emotional time.

An inheritance includes far more than the transfer of money alone. The way assets are organized, documented, and communicated can have a lasting impact on the people receiving them. Questions around estate planning, beneficiary designations, taxes, healthcare directives, and family expectations can all influence how smoothly wealth transitions from one generation to the next.

If you plan to leave an inheritance to your children or loved ones, creating a more organized and intentional plan may help simplify the process and reduce unnecessary stress later on. Comprehensive estate and legacy planning can help families navigate these transitions with greater clarity and preparation.

The Importance of Estate Planning

Estate planning should be an integral part of your financial and retirement planning. Failing to have an estate plan may not have a significant impact on your own life, but it will undoubtedly affect the lives of your loved ones after you’re gone.

In the absence of an estate plan, your death will be considered intestate, which means there was no valid will in place at the time of your death. The state in which you lived will determine who inherits your property through a process called probate, which can take anywhere from 6-9 months or even several years without proper planning. 

In addition to this process lasting a long time, your inheritors may face expensive fees, predatory claimants, and loss of control over what happens to your estate. Probate can cost up to 3-7% of your total estate value. And because this process becomes public information, this means that greedy creditors or estranged relatives may attempt to claim portions of your wealth.

Good estate planning mitigates these risks and provides your family with a solid plan for how your wealth will be transferred. The professionals in your life, such as your estate planning attorney and financial advisor, can become trusted resources for your family to lean on during this difficult transition.

Create a Lasting Legacy

Additionally, good estate planning incorporates legacy planning, which can be even more beneficial to your inheritors. Legacy planning allows you to incorporate family or financial values into your wealth transfer. If your children aren’t as adept at money management or have made financial mistakes in the past, your legacy planning can help guide them through what to do with their new wealth. Finally, legacy planning may help to protect your grandchildren and encourage generational wealth-building for decades to come.

Create a Lasting Inheritance for Your Family

Many families spend years focused on building wealth but far less time thinking about the inheritance they may eventually leave behind. An inheritance involves more than passing down assets alone and can shape how future generations experience financial responsibility, family relationships, and long-term stability.

While estate planning conversations are not always easy, having a plan in place may help reduce uncertainty and provide greater clarity for the people you care about most. Life is unpredictable, and preparing ahead of time can help your family navigate future transitions with fewer complications and difficult decisions during emotional moments.

At TABER Asset Management, we work together with highly qualified estate planning attorneys to help families create inheritance and wealth transfer strategies designed around their values, priorities, and long-term goals. Whether you’re thinking about estate planning, charitable giving, or how to prepare your children financially, our team is here to provide guidance and support along the way.

If you’d like to start building a more intentional inheritance plan, get started today by scheduling a 15-minute intro phone call online or reaching out to us at 703-380-0968 or invest@taberasset.com. 

About Anastasia

Anastasia Taber, CFP®, is an Associate Advisor who leads the financial planning services division and co-hosts the Creating Wealth podcast at TABER Asset Management, an independent, fiduciary wealth management firm in Alexandria, Virginia, and Des Moines, Iowa. A Georgetown University alumna with a Bachelor of Arts in English, she brings deep operational experience from previous roles in accounting at a global law firm and working for one of the largest U.S. REITs. Known for being detail-oriented and committed to excellence, Anastasia focuses on building trust-based, long-term relationships to help clients preserve capital and achieve financial freedom.