Studies have shown that 70% of family wealth is lost by the end of the second generation and 90% by the end of the third. You need to understand, and work to overcome, the disconnect that occurs between generations regarding the transfer of wealth. Why is Over 90% of Family Wealth Lost by the Third …
No matter how good you are are planning, other people are almost always affected by your decisions and actions as well as your success and failures. The people who are affected are often the ones we care about the most – our family. When it comes estate planning, you should discuss the details of your …
Read MoreCan We Talk? (How to Talk to Your Family About Your Estate Plan)
Many estate plans contain irrevocable dynasty trusts that are designed to benefit a spouse and several generations. These trusts can span continue many decades, and it’s important to clarify who is a beneficiary at each generation. Who Are Your Descendants? The definition of “descendant” is straightforward: A person who can be traced back to a …
Read MoreDo You Know the Beneficiaries of Your Dynasty Trust?
A 2012 study by Ohio State researcher Jay Zagorsky found that about one-third of Americans who receive an inheritance have negative savings within two years of getting their money, and of those who receive $100,000 or more, nearly one in five spends, donate or simply lose it all. If you are about to receive an …
As we build wealth, we naturally desire to pass that financial stability to our offspring. With the grandkids, especially, we often share a special bond that makes us want to provide well for their future. However, that bond can actually turn into a weakness if proper precautions aren’t set in place. If you’re planning to …
Read MoreCommon Mistakes When Leaving Inheritance to Grandchildren
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