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    Joshua and Laura Meier Newport Beach Trust and Estate Planning Attorneys Focused on Helping Families with Young Kids
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    May 21 12

    Wealth Transfers Worries

    Newport Beach Law Firm

    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.

    Contact Meier Law Firm today to plan for your loved ones.

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




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