Money can cause family strife. That’s why parents must talk about it

An estimated $124 trillion in assets will transfer from older generations to younger heirs over the next couple of decades, but that windfall may create a storm of problems, according to new research.

A third of adult children believe inheritance is likely to create conflict among siblings, while nearly half (45%) say they have adjusted their behavior to stay in a parent's good graces for financial reasons, according to a report from personal finance site Kiplinger's, in partnership with researcher Morning Consult. The online survey of more than 2,575 adults was fielded between May 28 and June 2.

The research highlights that inheritance isn't just about dollars and cents. It's also about the emotional complexity surrounding it and how different parties on opposite sides of the "Great Wealth Transfer" perceive fairness, timing and entitlement.

"It's not about money," said Diane Harris, Kiplinger's deputy editor. Issues "pop up in families where there's just china and jewelry. It's more about the emotions tied to the money. It's the feelings of favoritism, parent inequality and what is fair or not and other past tensions that are tied to the money."

Family conflicts related to inheritance are already among the most common factors undermining…

Original source: https://www.usatoday.com/money/