The lack of estate planning has lead Aretha Franklin’s family to lengthy court battles, major expenses and great amount of stress. Although a will would have been helpful, even a will could not have saved Aretha Franklin’s family from going to court, because of the size of her estate.
Regardless of your financial status, planning for incapacity or your eventual death is something that you should immediately address, especially if you have children. Here's what Aretha Franklin’s death taught us.
Talking to your children about money is a very important task and should be done in different stages. This conversation doesn’t happen all at once in one day, in fact you will need to consider their age before talking about family wealth and how it plays a role in their life. Here is how you should approach each stage when having “the money talk” with your children.