“Don’t Hoard Your Family Wealth!”
October 11, 2007 – 2:00 pmI see a lot of families wasting their family wealth because the younger generations can’t access it without strings attached.
See, I think of Family Wealth as resources that belong to all the generations of a family, at least if you want it to grow from one generation to the next.
The single best way to stifle the growth of your Family Wealth is to hoard it and only dole it out if you can control it.If you hoard it until you die, your children are likely to be in there 50s/60s and 70s before they take control of it.
By then, they are generally far past their best and most creative earning years.Instead, if you intentionally share it while your kids are in their 20s, 30s and 40s, you’ll give them the tools to grow it and create more for your future generations.
Now, don’t think that I’m telling you to just drop your dollars on your kids and hope for the best … far from it!
What I am saying is to determine how much you can comfortably make available to your adult children.
Then, sit down with them and ideally with your Personal Family Lawyer and structure a plan for making this money available to your kids for specific purposes, such as:
1. Grandchildren’s private school education.
2. Support the creation of a business that your child would love to start, but doesn’t think he/she has the funds.
3. Getting specialized training that will allow your child to realize a dream.
4. Attend a personal development retreat or course.
Any one of these would increase your overall Family Wealth; in contrast hoarding it until you die just means more estate taxes for your family and Family Wealth that decreases at each generation.
Talk to your Personal Family Lawyer today.
© 2007 Alexis Martin Neely
WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include everything in quotes with it: “Written by Alexis Neely, mom, writer, speaker and Personal Family Lawyer. Alexis makes it super easy for your family to talk about and plan for sticky subjects like money, death and taxes. Get Alexis’ humorous, enlightening, and often quite revealing “Family Wealth Secrets” at: www.FamilyWealthMatters.com”
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