As there seems to be two sides to every story, there tends to be two views on family wealth. Is your family wealth (and the inheritance you leave behind) going to be a blessing or a curse to your loved ones?
If you are looking for some guidance on this matter, then consider two intriguing articles by the same author. Each article reaches a different conclusion. The articles recently appeared in Forbes and are titled “Why Family Wealth Is A Curse” and “Why Family Wealth Is A Blessing.” Interestingly, the author is a member of the family that founded the Georgia-Pacific Corporation.
The curses the author identifies are “too much too soon,” “too much of a financial focus,” and “ingratitude.” In contrast, the author notes blessings that include “love,” “choices,” and “gratitude.”
So, how does one help ensure their inheritors land safely on the “blessings” side? The author recommends “open communication” and “teamwork” between and among family members across generations.
Although the article is written from the perspective of an “inheritor,” there is a lot to learn from it when making plans for your estate. The take-a-way: failure to prepare (and protect) your loved ones regarding their inheritance can be harmful to both your inheritors and to your wealth. Good planning is no accident.