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More On the Dreaded “Affluenza”

Women are concerned about how money affects relationships a recent survey reports

Planning your wealth transfer can be complicated. While there are many elements to consider, forgetting the “family factor” could be detrimental.

Obscure laws, politics, budgets, financial markets, returns, etc., are all important elements of wealth transfer. Unfortunately, for many planners, it’s a sad irony that they oftentimes overlook the true object of the process – the inheritors. So, how do inheritors factor into planning?

Financial Planning magazine recently weighed in on this issue with an article titled, “Younger Inheritors, Women Concerned About Pitfalls of Wealth.” The article featured the results of a new survey by Campden Wealth and Morgan Stanley Private Wealth Management. This survey examined multiple generations within high-net worth families for their opinions on their family estates and their roles in planning for the future. The results are telling.

79% of next-generation inheritors responded that they wanted to be good stewards of the family wealth. In fact, they want more involvement in the finances. Although these respondents diverged regarding what they would do with the investments, most were enthusiastic.

It’s clear that families planning for wealth transfers should consider bringing the inheritors to the table sooner rather than later. The educational opportunity is profound when an interest is present.

Interestingly, 79% of female inheritors indicated concern over how the impact might affect them. They also expressed concern over potential mismanagement of wealth outside of their control. Education is certainly essential regardless of gender, but perhaps more so for females. Traditional stereotypes still remain relevant.

In either case, the biggest takeaway from the original article is this: today’s inheritors are eager for information and inclusion.

Whether your estate is monstrous or modest, when it comes to the ultimate inheritors, a little foreknowledge will go a long way toward ensuring the success of your wealth transfer.

You can learn more about estate planning and elder law issues on our website. Be sure to sign up for our complimentary e-newsletter to stay abreast of issues like these that could affect you, your loved ones and your estate planning.



 

 

 

Reference: Financial Planning (May 8, 2012) “Younger Inheritors, Women Concerned About Pitfalls of Wealth

 

 

 

 

 

 

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  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
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Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.