Talking about money with your family can be a sensitive and uncomfortable topic. But when it comes to inheritance, avoiding the conversation often leads to confusion, conflict, and unnecessary stress. Many parents assume their kids will “figure it out,” but today we’ll explain why leaving an inheritance as a surprise often does more harm than good.
In this episode, we’re talking about why talking openly with your children—or vice versa, with your parents—about finances and succession plans is one of the most important conversations a family can have.
Whether you’re a parent who is ready to start legacy planning or an adult child wondering how to delicately approach your own parents about their financial situation, this episode offers practical advice on creating clarity, reducing friction, and keeping families connected when stress and emotions are often running at their highest.
KEY TAKEAWAYS
- Why Talking About Inheritance Matters
- The Downside of Keeping Kids in the Dark
- Tips on Getting the Inheritance Talk Started
- Bringing Kids Into the Planning Process
INSPIRING QUOTE
- “I think it’s important to understand this conversation is multifaceted, and it requires a little bit of parental prompting.” – Mike Panico
- “This conversation’s not just really for people that have like $2 million saved for retirement. It’s about having these open conversations.” – Jessica Panico
- “I think it’s really unfair to just spring that on the kids when the ‘you know what’ is hitting the fan. So, just to have that conversation, to start it earlier, is usually a great start.” – Mike Panico
- “Whether you’re bringing the kids into a professional financial planning conversation, whether you are approaching the topic with your children, whether you’re going to approach it with your parents with some sensitivity — just have the conversation.” – Jessica Panico
DISCLOSURE
Arcadia Wealth Management, LLC (Arcadia) is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). The information presented in this video is for educational and informational purposes only and is intended for a broad, general audience. It is not intended as, and should not be construed as, an offer, solicitation, or recommendation to buy or sell any securities or to adopt any investment strategy. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. Any references to investment strategies, philosophies, or client experiences are illustrative and may not be representative of all clients or outcomes.
Arcadia Financial has a reasonable basis to believe that this content does not include any false or materially misleading statements and presents information in a fair and balanced manner. No portion of this communication should be construed as tax, legal, or accounting advice. Please consult your own tax or legal professional for guidance specific to your situation.
Investment advisory services are provided through Arcadia Wealth Management, LLC, an SEC-registered investment adviser. Insurance products and services are offered through Arcadia Financial Group, LLC, by appropriately licensed agents. Bookkeeping and tax preparation services are provided by Arcadia Tax, LLC. These affiliated entities operate independently but are under common ownership.
