How to ensure successful wealth transfer
Estate planning and transferring wealth to the next generation are both a practical and emotional process. Often with children and inheritance the idea of when and how to give our money away can make us feel uneasy. It evokes various feelings and highlights our relationship with money, our children and ourselves. In today’s world, the complexities of estate planning require the consideration of many different aspects.
During this process, the emotional aspects – or the “soft issues” – of estate planning and wealth transfer are often pushed aside or overlooked. Dr Lami has observed the harmful side of it in her work with inheritors.
Prior to starting the process of estate planning, parents should consider the emotional aspects that are associated with it and will help ensure balancing your needs and your children’s. Important aspect to consider.
- What is the best age to give our children their inheritance without negatively affecting their behavior, drive and ambitious?
- What are the practical, mental and emotional consequences of our decisions?
- What is best for our children: To distribute the inheritance equally or treat each of them differently based on their personality and life circumstances?
- How do we properly talk with our children about our estate plans and their inheritance and prepare them for wealth and the responsibilities that come with it?
Before you make a decision that could possibly hurt your children, please consult with Dr. Lami on how to best navigate the emotional challenges of estate planning and using her Estate Planning Workbook.
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