Many today see money as a solution to problems, but that is not always the case. Wealth can be quite damaging to a family dynamic, which means that planning is critical. When family members are prepared and have learned how to work together, that’s when wealth and inheritance can be used as a tool to benefit a family for generations to come.
I’m happy to share that I was recently asked to join estate planning attorney Kirsten Howe on a new episode of her Absolute Trust Talk podcast to discuss why wealth transitions so often fail. We talked about some important tools and processes to help families avoid this fate. We also touched on a few strategies that we use at Del Monte Group to help our clients navigate challenging life transitions. If you and your family are struggling, we’re here to help. Below are a few highlights and some time-stamped show notes to help guide you through the episode.
Listen now or watch from our YouTube video below:
Big Three from Absolute Trust Talk's Episode #061:
- Teach your heirs ahead of time how to handle wealth successfully.
- Communication and conflict management is KEY to building a solid family foundation, especially for when the older generations are no longer around.
- Have the family find a shared purpose for using their wealth as a tool.
Time-stamped Show Notes:
5:57 – How often do these wealth transfers fail?
6:41 – What do these failures look like?
8:19 – Richard shares eye-opening statistics about what causes wealth loss from generation to generation.
9:32 – When do families get in touch with DMG?
12:37 – What does DMG’s process look like when working with clients?
16:00 – Richard shares so examples of unprepared heirs and how to change that situation.
22:02 – Kirsten and Richard discuss a couple of strategies for getting a family to work as one.
27:09 – What do parents need to do to help their children grow up with a work ethic?
29:43 – This is the DMG process to encourage someone to attend a meeting if they don’t want to.
30:50 – What is the first step in implementing these types of techniques with full-grown siblings?
Have You Requested a Free Copy of My Book – or Do You Want to Share It With a Friend?
Did you know that when wealth is transferred from one generation to the next, 70% of the time, that generation loses the wealth by the end of their lifetime? That’s HUGE. How does that happen? Unprepared heirs and lack of family connection and communication.
Wealth can damage relationships and cause rifts within a family that have devastating consequences for all. To help you dive deeper into this topic, I’m pleased to offer a FREE copy of my book “Endless Inheritance.” This book will help you avoid discord, conflict and create fulfillment and harmony, ensuring your wealth will live on. To order your free copy, please call our office at 925.736.6410 or email firstname.lastname@example.org.
Every client that walks through our door is family. Your goals are our goals, and that’s why we work hard to provide a true Place of Possibility™, so we can help you meet and exceed them. Our wealth management services work to navigate life transitions and take advantage of unique planning opportunities that leave you feeling calm and confident. We offer solutions based on you and your needs, not strategies that make us a quick buck. No matter how life unfolds, we’ll help you connect the dots and always have your back. The door to our Alamo, CA-based headquarters is always open. How can we assist you? Call us at 925.736.6410, send an email to Info@APlaceOfPossibility.com or jump right into our calendar and select a date and time that works for you and let’s talk.