Avoid financial dependence on children post retirement

Making adequate provision for your spouse and yourself for a prolonged period of retirement must take precedence over distributing your wealth among your children

One of our clients, Krunal, called me about getting advice for his father who was retiring from a senior level position in a private-sector company. Krunal mentioned his father would soon receive his retirement dues, which would run into a couple of crore. His father had also invested in shares, mutual fund schemes, and bank fixed deposits.

Krunal’s father was thinking of distributing a part of this retirement kitty among his three children and using the balance to generate the necessary income for his retired life. Krunal had convinced his father to speak to us before acting.  

For perhaps the