Laying the Foundation for Inheritance Success
“By discussing finances with your children early and often, you can set them—and future generations—up for success, when it's time to receive the wealth you've accrued.”
Almost three quarters of the wealthiest people in the world—those whose net worth is higher than $30 million—are self-made, according to a Wealth-X report. Look closer into the world’s wealthiest, and only about a quarter have a combination of inherited and self-made money, while only 8.5% inherited their wealth.
The Challenge of Wealth Retention Across Generations
Importance of Preparation for Inherited Wealth
Strategies for Preparing Children for Inheritance
Create a Comprehensive Estate Plan
Providing Financial Education to Your Children
Encourage Transparency in Family Finances
Foster Independence and Wealth-Building Skills
Encourage children to build their own wealth. Many wealthy parents worry that knowing there is an inheritance in their future will prevent their children from having any ambitions. Grant a limited amount of control over portions of their inheritance at certain ages and teach them about options: investing, saving, donating or spending.
A financial education that starts early and provides time for lessons to be learned, will make children at any economic level better prepared for good decision making throughout their lives.
Reference: Forbes (July 1, 2020) “4 Ways to Prepare Children Now to Oversee their Inheritance Later”
Estate Planning Legacy Planner
Everyday, we work with people who have lost someone they care about. There is so much these folks have to organize and manage. This planner organizes the information they will most need, in our experience, saving so much time and unnecessary cost. Besides organizing your information, it's so important to have a good estate plan that will keep your family out of court and conflict.
Please use the button below to receive a free copy of our Estate Planning Legacy Planner, an organization tool essential to any estate plan designed to help your loved ones take care of you and handle your affairs.