As there seems to be two sidesto every story, there tends to be two views on family wealth. Is your familywealth (and the inheritance you leave behind) going to be a blessing or a curse to your loved ones?
If you are looking for someguidance on this matter, then consider two intriguing articles by the sameauthor. Each article reaches a different conclusion. The articles recentlyappeared in Forbes and are titled â€œWhy Family Wealth Is A Curseâ€ and â€œWhy Family Wealth Is A Blessing.â€ Interestingly, the author is a memberof the family that founded the Georgia-Pacific Corporation.
The curses the author identifies are â€œtoo much too soon,â€ â€œtoo much ofa financial focus,â€ and â€œingratitude.â€ In contrast, the author notes blessings that include â€œlove,â€â€œchoices,â€ and â€œgratitude.â€
So, how does one help ensuretheir inheritors land safely on the â€œblessingsâ€ side? The authorrecommends â€œopen communicationâ€ and â€œteamworkâ€ between and among familymembers across generations.
Although the article is written from the perspectiveof an â€œinheritor,â€ there is a lot to learn from it when making plans for yourestate. The take-a-way: failure to prepare (and protect) your loved ones regardingtheir inheritance can be harmful to both your inheritors and to your wealth. Good planning is no accident.