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| Wealth Adviser |
| Welcome to a special edition of the Wealth Adviser Briefing featuring stories from today's Wealth Management Report. The report offers insights and advice—including when to give kids their inheritance, stretching financially to buy a home, and where millennials and teens are going for financial guidance. This newsletter was compiled by WSJ features editor Cristina Lourosa. To view the full special report, please visit our website. |
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 | | ALBERT TERCERO FOR THE WALL STREET JOURNAL |
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| Should an inheritance remain untouched until parents die? Or, should parents help out their adult children financially while they’re still alive? Often, that is when the kids need it most. And if parents decide to dole out money while they’re alive, how much and when should they give? These are questions that parents often face. And the financial struggles of some young adults during the Covid-19 pandemic have made the question of whether to tap the inheritance more acute for some families. Three financial pros discuss what parents should consider. |
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| "[Clients] 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." | | — Retirement-planning specialist Tony Walker |
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| Mortgage rates are near historic lows. And that’s luring young first-time buyers into the housing market. But with supply of homes tight, buyers often have to fork over a staggering amount to close a deal. |
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| That means young home buyers need to decide if they should stretch their resources to buy into the market or to buy a more expensive house if they can lock in a lower mortgage rate for years to come. Two housing experts debate whether that is a prudent move. |
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 | | Tyrell Dukes is one of the four men behind Next Gen Investors, a Discord community that focuses on high-risk options trading. PHOTO: RITA HARPER FOR THE WALL STREET JOURNAL |
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| Live chat rooms dedicated to investment topics are attracting large audiences. Chat startups such as Discord and Telegram Messenger are drawing users looking for faster-paced, real-time conversations with other investors. Conversations tend to run quicker than message-board exchanges, are more private and can be more engaging than prerecorded videos. And some of the investing-themed communities on Discord’s platform gain access to their groups through subscription fees. |
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| | FINANCIAL IMPOSTOR SYNDROME |
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| Impostor syndrome, the phenomenon of doubting your own hard-won success and feeling like a fraud in certain spaces, is more common than many may realize. And this thought pattern can infiltrate our feelings about our finances. |
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| WSJ reporter Julia Carpenter discusses how she and millennials too often fall prey to negative thoughts about their financial status—even when they know they’ve made good financial decisions. - Millennials are more candid about their finances—both the good and the bad—than their parents.
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| | UNEXPECTED ESTATE PLANNING |
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 | | Dealing with her father's estate gave Caitlin Moen a crash course in aspects of personal finance she hadn't expected to deal with for decades. PHOTO: NINA ROBINSON FOR THE WALL STREET JOURNAL |
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| After months of Covid-related deaths of parents, grandparents and other relatives, many young adults are facing something they didn’t expect at this point in their lives: dealing with family members’ estate plans (or lack of plans) after they die. In the WSJ’s Young Money column, Francesca Fontana writes how her father-in-law’s unexpected death thrust her husband through a door he had expected to remain closed for much longer, into an unfamiliar world of uninventoried assets and probate attorneys. And these days, his story isn’t unique. |
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| "Not only was there no last will, there was no inventory of assets. We didn’t even know where his wallet was. We had to start from scratch." | | — WSJ reporter Francesca Fontana |
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| | DEDUCTING MEDICAL EXPENSES |
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| You can deduct medical and dental expenses on your tax returns only to the extent that the total exceeds 7.5% of your adjusted gross income. But some people may benefit from an IRS announcement that certain Covid-related expenses qualify as medical-expense deductions. |
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| The Wealth Adviser Briefing covers topics of interest to wealth managers, financial planners and other advisers. The content is curated by the Dow Jones Newswires team using articles from the Newswires, Barron's, MarketWatch and The Wall Street Journal. The briefing is delivered to subscribers by email each workday morning at 6:30 a.m. ET. You can sign up here for email delivery. For more information about our services for financial professionals, please visit DowJones.com. We welcome feedback. Please mail newsletters@dowjones.com or contact Dwight Oestricher at dwight.oestricher@wsj.com. |
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