Whether rich or poor, homey or worldly, it’s about keeping the loved ones together and passing on the family wealth most efficiently.
Whatever your station, you might learn a thing or two from the problems faced and solved by others. As the New York Times notes in a recent article titled “Looking for Ways to Keep Money From Dividing a Family” you can especially learn from those who happen to be part of an exclusive club like Tiger 21.
Tiger 21, if you are unfamiliar, is a club of investors that happen to have $10 million to invest and recently met to discuss the very issues of estate planning and keeping the family together as detailed in the original article. As you would imagine, these are families with especially large and unique planning considerations, and some complex ways of making it all happen. Their struggles and solutions, as a result, are all the more instructive.
Even if you’re not a card-carrying member of the club, the principal problems the members face are powerful and the article gives us a few to chew on. For example, how do you pass on wealth and what conditions do you attach to it? On the one hand, you don’t want to be overbearingly paternalistic. However, there is definite value to setting goals and, especially, when it comes to not spoiling the young.
So, how do you make the plan work? It has to be set on a solid legal ground and also understood in the familial way that it is intended. And just what will keep the family together? What will prevent infighting and actually keep the family members together as a core group?
There are some personal stories sprinkled throughout the original piece and, because your family is unique too, these are principals you may want to apply and questions you may want to ask of yourselves. How will you keep the family together?
If you would like to create or update your estate plan to create the legacy you want, call our office today to schedule time for us to talk. Our office is located in Santa Ana, CA but we serve all of California including Irvine, Orange, Tustin, Newport Beach, and Anaheim.
Reference: The New York Times (March 21, 2014) “Looking for Ways to Keep Money From Dividing a Family”