把钱送出去之前，父母要确保有足够的财力来满足自身的长期需求。

所谓“遗产”，真的应该严格等到父母去世后才传给子女吗？还是说，父母应该趁他们在世的时候，至少拿出一部分遗产来帮助成年子女走出财务困境？后一种情况下，给多少合适呢？什么时候出手才合适？ 6park.com
当然，每个家庭的情况都不相同——无论是经济实力，还是对于幸福的定义。然而，在思考如何将财富“代代相传”的问题上，有些事情是每一个家庭都应该考虑的。对于这些问题，《华尔街日报》(Wall Street Journal)邀请了三位财务顾问参与讨论，他们分别是：宾夕法尼亚州雅德利财富管理公司(Yardley Wealth Management)创始人迈克尔·加里(Michael Garry)，密歇根州绍斯菲尔德财务规划中心(Center for Financial Planning)的注册离婚财务分析师杰奎琳·B·罗斯勒(Jacqueline B. Roessler)，以及肯塔基州路易斯维尔的退休规划专家托尼·沃克(Tony Walker)。 6park.com
以下是编辑后的讨论内容节选。 6park.com
《华尔街日报》：关于继承遗产的时间，你们会给客户什么样的建议？ 6park.com
加里：我坚信，父母应该在他们活着的时候把钱送出去，为自己的财务安全存足够的钱是对的，但没必要在此范围外还一味地存钱。那些愿在有生之年慷慨解囊的人或许能够帮助子辈或孙辈渡过财务难关，而不一定非要等到自己离开人世的那一天，毕竟这一天是什么时候，谁也说不准。他们还可以亲眼看到这份馈赠给子孙们带来的好处。至于这份礼物的分量，则取决于父母的经济实力。 6park.com
罗斯勒：这要视情况而定，既要考虑客户的个人目标、纳税情况和当前的财务需求，也要考虑继承人的财务需求和纳税情况。首先，他们要确保有足够的财力来满足自身今后的财务需求，包括潜在的长期护理费用。这一点解决后，接下来他们应该与财务顾问商讨具体的赠与策略，此时应牢记自己的最终目标，例如，是要将在世期间的个人所得税和资本利得税降到最低，还是想缩小资产规模，以便日后有资格申请医疗补助计划(Medicaid)，抑或是想满足子女特定的财务需求。 6park.com
沃克：我一直觉得，有些人直到他们去世的那天都还在一分一分地存钱，他们在世时不想花钱，这样的人实在是太多了。这么多人最大限度地将钱存入401(k)养老金计划，我担心到时候，大部分人都来不及想好怎么去使用或是享受这笔钱。当我同客户聊到“过度存钱”的问题时，他们时常会表现出一种纠结，他们想知道，孩子们会乱花这笔钱吗？要弄清这个问题的答案，只有一种方法：给他们一点甜头，看看他们会如何表现。 6park.com
《华尔街日报》：疫情对许多家庭的财务状况造成了破坏，你们是否看到有家庭因此改变了他们的遗产处置计划？ 6park.com
加里：我大部分客户的经济状况都比一年前好得多。可惜他们的子孙一代中，情况就不是这样了。我们看到越来越多的人心怀感恩，他们觉得自己能拥有健康和财富是何其幸运，他们已经等不及想要帮助自己的孩子和最喜欢的慈善机构。 6park.com
我们有些客户多年来曾经反复考虑这个想法，但从未化作行动，如今，他们正在一步步去做，用行动去诠释“赠与”的意义。他们似乎比以往任何时候都更加强烈地意识到，他们不知道自己还能活多久，而他们的一些孩子去年大部分时间都处于失业状态。我想，他们中的许多人都不曾想到自己的孩子会遭受如此重创，这一点让他们深受触动。 6park.com
罗斯勒：我还没有看到有家庭对遗产规划做出重大调整，至少现在还没有行动。但随着政府援助计划的结束，许多“千禧一代”将面临饭碗难觅、生活开支增加的局面。与年龄较长的客户交谈时，我们发现，面对需求的变化，他们已准备开始对赠与策略做出调整。 6park.com
《华尔街日报》：父母的赠与应该带有附加条件吗？ 6park.com
沃克：既然是一份馈赠，就不应附带任何条件。不过话说回来，儿孙们接到礼物后的反应如何，当然有可能影响你对未来的判断——你会考虑今后是否要将馈赠继续下去。 6park.com
罗斯勒：我觉得这要视家庭的情况而言。有的父母可能觉得他们的子女在引导下，才不会随意挥霍受赠财产；而对另一些父母来说，提任何附加条件都会让他们觉得不舒服。我曾经服务于一个家庭，他们要求成年子女把每年受赠额的一部分捐给一家值得信赖的慈善机构。还有一个家庭则做出了更具体的要求：受赠财产必须用于读大学，或是买车、购房首付款等重大支出。 6park.com
《华尔街日报》：对于那些想在有生之年帮助子女的父母，怎样避开被子女当成“提款机”的后果？ 6park.com
沃克：赠与财产之前，父母应该与子女坦诚沟通自己的财务状况，这一点很重要。虽然你不必袒露所有的财务细节，但你需要坦率地告诉他们自己的整体经济状况。此外，还要让子女们知道，你对于现在所拥有的一切心怀感恩，眼下，你想同他们分享自己的一部分好运——在他们用得着的时候，而不必等到你不在人世的那一天。还有，一定不要告诉子女，你还有更多的钱留给他们，否则抬高了预期，你也许会后悔。 6park.com
加里：如果孩子知道馈赠是用于某个特殊目的，比如购买健康保险、偿还学生贷款、往个人退休账户里存钱，或是用于买房，这样的话，避免他们走上“啃老”之路就要容易得多。我还告诉我的客户，根据不同的情况，他们完全可以告诉子女，他们的财务顾问说过，他们的经济实力不允许他们做出这样的馈赠，甚至无力再承担更多的馈赠。 6park.com
《华尔街日报》：在决定如何将财富传给下一代时，哪些错误是父母们经常会犯的？ 6park.com
沃克：父母这辈经常意识不到，他们存在401(k)养老金账户里的钱其实会随着时间的推移渐渐贬值。这是因为在未来税率和通胀的影响下，他们如今所存的钱将来的价值会降低。想想看，比起把钱全都存进401(k)账户，如果你现在拿出一部分钱送给孩子，而且他们无需纳税，你觉得如何？难道这样不是更加合理吗？ 6park.com
罗斯勒：有些父母的馈赠超出了自己的承受能力，最后无意之中导致自己的生活质量下降。这时，如果夫妻双方态度不一致的话，可能会造成婚姻关系紧张。对股票和共同基金而言，相比起在世期间转让，去世后转让能给子女节省一大笔税费，不过在美国总统拜登执政期间，这一点可能会有变化。 6park.com
加里：最大的错误在于，你在赠与财产时，没有同子女讨论过他们的预期。我们有一位客户，他来找我们之前，和儿子儿媳的关系闹得有些不愉快。前几年的圣诞节，他都会送给他们一笔礼金，但除了一句“圣诞快乐”之外，他什么也没有说。就这样过了三四年，儿子儿媳已经对每年的这种传统形成了预期。可有一年，由于他的财务状况让他无力再做出这番馈赠，于是他中断了这一传统，而且也没有任何解释。但儿子儿媳对此并不知情，而且关系变得有点紧张，直到后来，彼此把话说开，小两口才明白父亲的无奈，一家人这才重归于好。 6park.com
（本文作者谢丽尔·威诺克·蒙克(Cheryl Winokur Munk)是新泽西州西奥兰治的一位作家。）

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Should an inheritance be strictly an inheritance, to be left to children when their parents die? Or should parents use at least some of that money while they’re still alive to help out their adult children financially? And if parents give while they’re alive, how much should they give and when? 6park.com
Of course, every family is different—both in terms of what they can afford and what brings them joy. But there are some things every family should consider when deciding how to pass wealth from one generation to the next. The Wall Street Journal invited three financial advisers to discuss those issues: Michael Garry, founder of Yardley Wealth Management in Yardley, Pa.; Jacqueline B. Roessler, certified divorce financial analyst at the Center for Financial Planning in Southfield, Mich.; and Tony Walker, a retirement-planning specialist in Louisville, Ky. 6park.com
Here are edited excerpts of the discussion. 6park.com
WSJ: How do you advise clients on the topic of the timing of inheritance? 6park.com
MR. GARRY: I believe strongly that parents should dole out money while they are alive and not stockpile it any more than they need to for their own financial security. The people who make gifts during their lifetimes are able to help their children, and maybe grandchildren, at the exact time they likely most need the money, and not based on the random date of their death. They also get to see the benefit of the gift to their children and grandchildren. The extent of the gifts depends on how much the parents can afford. 6park.com
MS. ROESSLER: It depends on their personal goals, tax situation and current financial needs, as well as the financial needs and tax situation of their heirs. First, they need to make sure they have enough resources to cover their own financial needs, including any potential long-term-care expense. Once that’s established, they should discuss gifting strategies with their adviser, keeping in mind the parents’ ultimate goals, such as minimizing income taxes and capital-gains taxes during their lifetime, spending down their assets to later qualify for Medicaid, or providing for their children’s specific financial needs. 6park.com
MR. WALKER: I’m a firm believer that too many people save every penny until the day they die, instead of spending their money now. With so many savers maxing out contributions to their 401(k) plans, my concern is that most of them have no plan for using and enjoying their savings before it’s too late. There’s a struggle going on with my clients when I broach this subject of saving too much for the future. They wonder: Will their children be responsible with the money? There’s only one way to find out, and that’s throw them a bone now to see how they handle it. 6park.com
WSJ:With the pandemic wreaking havoc on many families’ finances, have you seen families change the way they are thinking about inheritance? 6park.com
MR. GARRY: Most of my clients are in much better shape than they were a year ago. Unfortunately, a lot of their children and grandchildren are not. We’ve seen a real uptick in people expressing gratitude in being so fortunate with their health and finances and not wanting to wait to help both their offspring and their favorite charities. 6park.com
We’ve had people who have kicked the idea around for years but never did it who are actually taking steps now and making gifts. They seem to realize more than ever that they don’t know how much time they have, and some of their kids have been unemployed for much of the last year. I don’t think many of them ever expected to see their children hurting so much, and it has moved them. 6park.com
MS. ROESSLER: I haven’t seen families make dramatic changes to their legacy planning, at least not yet. However, as government aid ends, many millennials will be left without jobs and with increased expenses. In conversations with older clients, they are prepared to begin making adjustments in their gifting strategy to accommodate changing needs. 6park.com
WSJ: Should there be strings attached to parental giving? 6park.com
MR. WALKER: This is a gift and shouldn’t come with any strings attached. Still, how your kids and grandkids react might certainly sway future considerations as to whether you wish to continue the gift-giving trend. 6park.com
MS. ROESSLER: I think it depends on the family circumstances. Some parents may feel their children need guidance on how to wisely spend gifted dollars; others aren’t comfortable attaching any strings to gifts. One family I’ve worked with requires their adult children to donate a portion of their annual gift to a worthy charity. Another family specified that the gift must be used toward college costs for their children or major expenses such as a car or down payment on a home. 6park.com
WSJ: How can parents who want to help their children while they are alive prevent themselves from becoming their children’s bank? 6park.com
MR. WALKER: Before starting the gift-giving trend, it is important for parents to speak about their finances frankly with their children. While you don’t have to take all of your financial clothes off, you need to be frank with them as to how you’re doing financially. As well, blend into the mix that you are very grateful for the way you have been blessed and your desire to share some of your good fortune with them now—at a time in life when they can use it—versus waiting until after you die. Also, never tell them that there’s more where that came from, as you might regret setting up such an expectation. 6park.com
MR. GARRY: It makes it much easier to avoid being the bank if the child knows that the gift is for a specific purpose, like to pay their health insurance, or go toward their student loans, or make their IRA contribution or for a deposit on a property. I’ve also told my clients they can feel free to tell their children their financial adviser has said they can’t afford to make that gift or even make any more gifts, depending on the circumstances. 6park.com
WSJ: What are some common mistakes you see parents making in deciding how to transfer wealth to their children? 6park.com
MR. WALKER: Not understanding that the value of their 401(k) actually will go down over time. That is because between future taxes and inflation, the money they are stockpiling will be worth less then than it is now. Think about it: What if, instead of socking it all in a 401(k), you could give some money away to your kids now with no tax to them? Wouldn’t that make more sense? 6park.com
MS. ROESSLER: Some parents give more than they can afford and wind up with an unintentional reduced standard of living. This can lead to marital tension when both spouses aren’t on the same page. There is also a substantial tax advantage to transferring stocks and mutual funds after death versus during your lifetime, though this could change under President Biden. 6park.com
MR. GARRY: The biggest downsides come when gifts are given with no discussions around expectations. We had a client who, before coming to us, went through a bit of a rough patch with his son and daughter-in-law. He had made gifts for a few years to them around Christmas and he didn’t say anything about it other than “Merry Christmas!” Well, after three or four years of those gifts, the son and daughter-in-law expected them to continue. Without saying anything, he just stopped because he wasn’t in the financial position to continue. But they didn’t understand that and there was tension until they finally talked about why he had discontinued giving and they were able to heal the rift. 6park.com
Ms. Winokur Munk is a writer in West Orange, N.J.