#28 – The Emotional Challenges of Leaving Money to a Spendthrift Heir
The Financial Therapy Podcast - It's Not Just About The Money
English - November 09, 2021 09:00 - 25 minutes - 17.6 MBArts financial therapy financial coaching life planning ifs therapy financial psychology money issues money scripts Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Perhaps the most common reason for wanting to control a legacy is a spendthrift heir. Giving a chronic over spender an inheritance in hope that it will help change their money behavior is almost always magical thinking. Most lump sum inheritances disappear within a few years in the control of an over spender. Does it make sense to leave inheritances with strings attached? My typical answer is “it depends.” It’s natural to want your legacy to be used wisely but trying to control from beyond the grave can have unintended consequences. Read more here.
A podcast that blends the nuts and bolts of financial advice with the emotions that drive making them.
Rick Kahler, CFP®, CFT-I™, has helped people make better money decisions by integrating financial planning. He blends the nuts and bolts of financial advice with the emotions that drive making them and shares them on his financial therapy podcast.