Keeping families together is the goal of every parent, rich or not. And while most people do not have the wealth of Tiger 21 members, they face similarly complicated issues when it comes to planning and talking to their children.
Every family is unique in its own way. Each also faces unique challenges. In the end, though, the singular goal of the parents leading just about every family is figuring how to keep it all together. Whether rich or poor, homey or worldly, it’s about keeping the loved ones together and passing on the family wealth most efficiently.
Whatever your station, you might learn a thing or two from the problems faced and solved by others. As the New York Times notes in a recent article titled “Looking for Ways to Keep Money From Dividing a Family,” you can especially learn from those who happen to be part of an exclusive club like Tiger 21.
Tiger 21 is a club of investors that happen to have $10 million to invest and recently met to discuss the very issues of estate planning and keeping the family together as detailed in the original article. As you would imagine, these are families with especially unique planning considerations and some complex ways of making it all happen. Their struggles and solutions, as a result, are all the more instructive.
The principal problems the members of this club face are powerful and not that different from any family's goals. For example, how do you pass on wealth and what conditions do you attach to it? How do you don’t avoid being overbearingly paternalistic while simultaneously establishing the family values you hold dear; how do you keep from spoiling the young?
So, how do you make your estate plan work? It has to be set on a solid legal ground and also understood in the familial way that it is intended. And just what will keep the family together? What will prevent infighting and actually keep the family members together as a core group?
There are some personal stories sprinkled throughout the original piece and, because your family is unique too, these are principals you may want to apply and questions you may want to ask of yourselves. How will you keep the family together?
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Reference: The New York Times (March 21, 2014) “Looking for Ways to Keep Money From Dividing a Family”