Many people, especially those with a high net worth, worry about the impact that discussing their estate will have on their children. They wonder if it may cause interfamily strife or lead to children who loaf around waiting for their inheritance to arrive rather than pursuing their own income. In most cases, these fears are unfounded or blown way out of proportion. When it comes to estate planning, lying or keeping secrets is usually a recipe for disaster. Now, that is not to say you need to discuss every aspect of your estate plan with your heirs, down to the dollars they will receive and the days they will receive them. How much you divulge is up to you, but effectively communicating with heirs and family members is an essential part of planning your estate. Certain designations — executor, power of attorney, medical power of attorney — should be discussed with the person who will take on that role. It’s essential they are willing and able to handle the responsibility, and it’s hard for them to do that if you don’t ask if they want it. WHAT TO SHARE ABOUT YOUR ESTATE WITH YOUR CHILDREN AND GRANDCHILDREN
The issue of inheritance can be a trickier matter. Distributing your assets is not as simple as assigning percentages to certain beneficiaries and calling it a day. You need to think about when that money should be allocated and under what conditions. Tools like trusts allow you to release money for specific purposes, like college funding, rather than in one lump sum with no strings attached. In certain instances, your heirs will benefit more from receiving some of their inheritance earlier in life. After all, they may be well into their 60s by the time you or your spouse passes away. The bottom line is there is no universal answer for how to discuss your estate with your heirs. It will vary based on your circumstances and desires. What is true no matter your situation, though, is that some form of communication about your estate is essential. Keeping mum will only lead to gossip and speculation. Are you ready to start talking about your estate? Call us today to begin your path down our Estate Planning Road Map.
NO. 1 DAD HASH BROWNS MICHELE’S RECIPE CORNER
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INGREDIENTS
• 1 stick (1/2 cup) unsalted butter, or 6 tbsp ghee • 3 russet potatoes (about 1/2 lb.), peeled • 1 tsp Kosher salt, plus more to taste
• Freshly ground black pepper, to taste • Pinch of cayenne pepper, plus more to taste
DIRECTIONS
1. In a small saucepan, heat butter over medium heat until foamy. Reduce heat if needed to avoid browning. Skim off white milk solids to make clarified butter (ghee). Transfer to a bowl and reserve. (This step won’t be needed if using ghee.) 2. Using the large holes on a box grater, grate potatoes. Transfer to a large bowl of cold water and stir until water becomes cloudy. Rinse potatoes under cold water, then squeeze out liquid using cheesecloth or a kitchen towel, removing as much moisture as possible. Season potatoes. 3. In a large nonstick skillet, heat ghee to medium-high. Add potatoes and cook until a crust forms underneath, about 5 minutes. Using a rubber spatula, break up potatoes and continue to cook, adding more ghee if potatoes begin to stick. 4. Cook until golden brown and crisp, about 8 minutes. Drain on paper towels; season with salt, pepper, and cayenne to taste. Serve.
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