Preparing Heirs for Their Inheritance
Inheriting money comes with plenty of benefits. From being less worried about paying for life’s necessities to enjoying the luxuries affluence can bring, inheritors often find that many of life’s key stumbling blocks are no longer in their paths.
That said, an inheritance doesn’t automatically mean a worry-free life of ease. Inheriting wealth can actually create unique challenges and conflicts. A windfall can be the root of significant problems for your heirs—and therefore for you too.
Consider some of the inheritance-related issues that often crop up among the Super Rich—those people with a net worth of $500 million or more—and how they tend to address them. Their strategies can potentially inform your own action plan.
Transferring wealth
In our experience, we find that many wealth creators want to pass some of the results of their hard work and commitment to their children and other loved ones. Doing so involves a number of considerations:
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Preparing Heirs for Their Inheritance
Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail info@diversifiedassetmanagement.com.
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