A: Obviously, it's risky to count on something that's not yours and over which you have no control. On the other hand, if your parents have a substantial net worth and have demonstrated a commitment to pass some of their money to you, factoring some portion of that into your plans is a reasonable thing to consider (although there's a downside here as well, which I'll discuss in a moment). Just be careful to run some different scenarios.

Even if you don't come from a wealthy family, it's important to realize that just about everyone should do some estate planning. If you have never talked with your elderly parents about their plans, try broaching the topic after you've gained some education.

In my work as a financial counselor, I was often amazed at the dramas played out and the issues raised over the passing of money and wealth between the generations when someone died and left assets to their relatives and others. Inherited money almost always came with some strings attached.

Retirees often worry about depleting their assets due to chronic health problems and either running out of money or not having anything left over for their heirs. These folks may be reluctant to enjoy their wealth in their golden years. However, most retirees don't end up with protracted nursing home stays, so people tend to die with more money than they anticipated. If you're currently considering such issues, you can determine the sufficiency of your assets and gain some peace of mind. T. Rowe Price has some excellent resources on its Web site and in printed booklets for help in determine if you have enough assets to support your desired lifestyle through retirement and what you may have left over for future generations, if that's your goal. Alternatively, you could engage the services of a good financial adviser.

Most parents prefer to pass along some wealth and the associated financial security to their offspring. Problems come into play, though, when too much wealth may be passed along. John Levy, a "wealth counselor," says that expectations of a substantial inheritance can delay ones' offspring from growing up and maturing. His advice to parents is to make sure that kids work while growing up and post-college, which leads to self-esteem, self-reliance and independence. That's great advice.

If you have children that you'd like to pass your money on to, to make sure that your kids get some money from your estate, but not too much, I recommend giving your money away gradually, while you're still alive. Especially if you have enough assets to know that your heirs will be receiving at least modest sums, consider giving away some money each year. For tax year 2009, you may annually give up to $13,000 free of federal taxation in assets to each of as many people as you desire. If you're married, your spouse may give an additional $13,000 per year. The advantage of giving money gradually is that you can see how your heirs are using (or abusing) their newfound wealth, a perspective that you obviously won't have if you wait to pass along your entire estate when you pass away.

Taking this approach does come with a few potential pitfalls. It's the rare parent who is able to give money to their kids and say nothing about how they should or should not use or manage it. Offering some guidance and advice is fine and to be expected, but don't try to set restrictions.