Estate planning is often centered solely around creating the most efficient and tax-friendly ways to to transfer assets to heirs and doesn’t always consider whether heirs are actually ready to receive the assets. While we do support generating an efficient and tax-conscious plan, we believe that family dynamics play a much greater role in the successful transfer of an estate than most financial planners and estate planning attorneys previously understood. We believe that a successful transfer of wealth occurs when heirs receive assets in a manner that helps them foster their own development to achieve their goals in line with your family’s legacy, values, and wishes.
Concerns About the Next Generation
A US Trust survey of affluent Americans found the following concerns of families when it comes to the impact of money on their children:
Place Too Much Emphasis on Material Things: 65%
Naive About the Value of Money: 55%
Spend Beyond Their Means: 52%
Initiative Could be Ruined by Affluence: 50%
Won’t do as Well Financially: 49%
Lack Financial Responsibility: 42%
See US Trust Survey of Affluent Americans, XIX
For more information about how to prepare your heirs to receive wealth effectively, fill out the contact form below.