Rags to Riches to Rags Phenomena - 70% Chance Your Wealth Transfer Plan Will Fail!

I was recently reading an article published by Forbes.com which explained that 70% of the intergenerational wealth transfer planning strategies fail to achieve their desired results. In many of the cases of the families surveyed it was that the heirs and adult children are spending through the inheritance at an alarming rate. However, in only 15% of cases was the failure due to improper legal and/or tax planning.

Therefore, the question begs, where are families falling short? In the majority of cases, there is no post transition planning or preparation. In addition, no family mission and no strategy to attain that family mission was ever identified.

When I have clients that come into my office for the first time to discuss wealth transfer planning and estate planning, I always state that estate planning is not just Wills, Powers of Attorney, and Advanced Healthcare Directives. Your estate planning is absolutely pointless and has a 70% chance of failure if there is no post transition planning, no post transition preparation, no family mission, and no strategy to attain that mission.

One of the many benefits that clients who work with our office attain is this holistic approach to estate planning and wealth transfer planning. In addition to the estate plan (whether that be a Last Will and Testament based estate plan or a Revocable or Irrevocable Trust based estate plan), our clients receive continuing and ongoing education and planning. In every case, each one of our clients receive post transition planning and preparation, as well as the identification of a family mission and a strategy to attain that mission, while ensuring that every member of the family is on the same page.

As I always say, a plan makes no sense unless you have a strategy to put that plan into place!

When you are considering appropriate estate planning and wealth transfer planning, make sure that you choose the law firm that will assist the ENTIRE FAMILY in reaching the family mission with the proper legal and tax strategy, the proper family strategy, and the proper post transition planning and preparation.

If you have questions regarding estate planning and family wealth transfer planning, then I encourage you to download one of our Free Books on Family Wealth Transfer Planning to the left of the screen. If you are ready to schedule your Family Wealth Transfer Planning Meeting, please contact our office at (615) 490-0477.

As always, we are here to help!



Daniel A. Perry
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Focused on helping seniors, individuals with disabilities and small business owners make informed decisions.
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