Preserving Your Legacy & Your Relationship with Your Children

Ask anyone about their financial goals and they will likely tell you that family security tops the list. It stands to reason, then, that HNW individuals have nothing to worry about. Unfortunately, this is far from true, especially if your definition of “security” includes the bond among your children.  In fact, according to this twenty-year study, seventy percent of estate plans for well-to-do families “fail,” meaning they result in financial losses and the breakdown of relationships among the heirs. Here are some tips to keep your family intact while staying true to your vision, while preserving your legacy. Respect Their Autonomy. For better or worse, you had your chance to raise your children. Conditioning their inheritance upon specific life choices (i.e. that they get married or join the family business) puts them in the terrible position of having to…

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Lifestyle management solutions can offer clarity across the many facets of our lives.

Our homes used to be our refuge from the world – the place where we decompressed after the stress of the workday and shifted our focus to personal relationships and activities. Now they have become our world, creating an overlap that makes all those conversations about work/life balance seem almost moot.  Who hasn’t seen the ubiquitous photo of family members crowded around the dining room table, each with their own laptop as they hold meetings, attend classes, or type away on documents?  All this togetherness has many people feeling physically and mentally hemmed in. In fact, according to a recent New York Times article, a surprising number of people actually miss their commute because it has effectively erased the line between home and work and robbed them of valuable “me” time.  As a result, people are seeking to recreate…

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Through succession planning, you can ensure the survival of your wealth how you invision to best serve the next generation.

Many were shocked when Gloria Vanderbilt passed away in June of 2019 – not because of her death (the fashion icon and socialite was ninety-five years old), but because she had not left a trust fund for her son, CNN news anchor Anderson Cooper. Of course we’ve heard this before, the most famous example being Warren Buffett, who has stated that his succession plan, is to give away the bulk of his $77 billion fortune rather than willing it to his kids. For most people, the idea of disinheriting one’s children borders on cruelty. For some of the wealthiest, however, it is the ultimate act of love. They worry that kids who inherit fortunes tend to lack the drive, initiative and perseverance needed to succeed on their own. Gloria Vanderbilt was an exception – she inherited $5 million dollars…

Continue ReadingThrough succession planning, you can ensure the survival of your wealth how you invision to best serve the next generation.