Call Us to Schedule a Consultation
480 West Lovell Street, Kalamazoo, MI 49007
Serving Clients throughout
Southwest Michigan in Matters of
Elder Law, Probate Administration,
Wills & Trusts

Recent Blog Posts


Generational Transfers

Posted 7 years 57 days ago ago by Danielle Streed

When it comes to generational transfers, many people think of the transfer of wealth and how they will pass their assets on to their children or grandchildren. Generational transfers can also mean the transfer of knowledge.  As children become young adults there are some simple training concepts that can help them be more productive adults and be better prepared for their future and their future inheritance.  Parents need to be prepared to sit down with their young adults and discuss some very important, yet simple, concepts. 

1. The first concept is simply helping your young adult determine how to keep an accurate budget.  How to be a good money manager and plan for month-to-month expenses, along with putting away money in a rainy day fund.

2. The second concept is understanding taxes.  Many young adults have worked for parents or for friends that pay them in cash and taxes are never taken out. Young adults go into their first job (even in college) with no understanding of how income taxes, FICA and FUTA are paid and how it will affect their final paycheck.

3. The third concept is extremely simple but important.  Keep an eye on your credit score.  This will make a big difference when you are ready to make that first car purchase or purchase your first home.

4. The fourth concept falls in line with concept number three and that is... protect yourself from identity theft.  Many advisors and even credit card companies will tell you that it is  not enough to look at your statements once a month.  When it comes to credit cards and bank accounts, set up alerts to notify you when a charge is made, even if it is as little as five dollars.  

5. The fifth concept is understanding insurance. From life insurance to replace an income for your family in the event of a death to good insurance coverage on your home, contents and car. How much is too much or what is not enough.  Young adults can learn from your experience.
6. The sixth and final concept is to give back. If you have been a good money manager and you have taken the time to maintain a budget, save for your future and protect your  credit score and your identity, you will have the luxury someday of giving back to your community or to non-profit organizations that are important to you.

Again, these are all very simple concepts. Unfortunately, so simple that many times we assume that these young adults understand the importance of each one.

Attorney Advertising. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

©2022. Web Design by WowWebWorks. Terms Of Use | Privacy Statement