Flash Report: Transferring Values—Not Just Wealth—to Your Heirs
Many of us have thought about how to best transfer our wealth to our heirs someday. Unfortunately, we see that parents and grandparents with significant assets often don’t spend enough time on passing along the values that helped them build, grow and maintain that wealth.
The resulting “values vacuum” can potentially cause some big problems when heirs inherit large sums.
Too often, heirs blow through an inheritance.
Children might become complacent, and might never develop the life skills needed to overcome adversity and generate their own success.
Wealth can even cause some heirs to believe that rules don’t apply to them and they shouldn’t be held accountable for their bad actions.
That’s why it’s vital to understand the importance of your values when it comes to your wealth and sense of purpose in life. The good news: There are numerous ways to show your kids the connection between the two so they see the “why” behind decisions made with the family money. Here’s how to get started.
Robert J. Pyle, CFP®, CFA, AEP® founded Diversified Asset Management, Inc., in 1996 to provide personalized, comprehensive wealth management services to successful individuals, families, single women, and business owners. His specialty is addressing the complex financial needs of self-employed professionals, corporate executives, and small-business owners. Our disclosure can be found here. The views, opinion, information, and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting, or tax advice.