Having spent several years caring for my aging parents, there were some hard life lessons that I believe are worth sharing. This something we all hope we can handle when the time comes, but it's one of those things that we don’t want to think about. Whether the time is now or somewhere down the road, there are steps that you can take to make your life (and theirs) a little easier. Some people live their entire lives with little or no assistance from family and friends, but today Americans are living longer than ever before. It's always better to be prepared.
Imagine that you’re a self-made person with $10 million in assets…
Do you leave it all to your children, spend all you can or donate to charity? Prudence and each family’s values should determine some balance in each. A coming intergenerational shift in wealth raises many issues for prosperous families, including how much to give children without doing more harm than good. The affluent families we deal with are mostly concerned with ensuring that their wealth doesn’t snuff out their children’s sense of purpose, ambition and desire to make the world a better place. What many high-net-worth people worry about is that the money may ruin their children instead of enriching their lives.
In a national study of 206 affluent parents in 2014, one financial institution found that most people plan to leave the lion’s share of their wealth to family members, motivated by a desire to positively influence the lives of loved ones. Given the amount of wealth that’s expected to be transferred to the next generation, more families should be discussing this.
In the 25 years of working to help clients succeed financially, we’ve encountered literally hundreds of prospective clients whose pre-conceived notions, bad experiences or prejudices have prevented them from achieving financial success.
Here are some of most common:
Maximizing Your Financial Life
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