4 Key Questions About Family Wealth

4 Key Questions About Family Wealth

by Bill High

When I work with families with higher net worth, they often ask the same questions about how to handle their wealth.

Their questions generally cover the following 4 key areas:

  1. If I pass on wealth to my family, how will it affect them?
  2. How will my family manage the affairs of my estate and any ongoing management issues?
  3. Should I tell my children how much money I have in my estate?
  4. How should I treat the in-laws—should I treat them as equals or should I have a contingency plan for divorce?

As a point of discussion, let’s take question three and ask another question: Do you believe you should tell your children about how much is in your estate?

If your answer is yes, two further questions follow: When should you tell them, and how specific should you be?

 

This blog is part if a series on “4”: 4 Questions, 4 Things, etc. It’s a way of offering concise commentary. Check out the rest of the series of “4”!

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Published October 4, 2016

Topics: Estate Planning

Estate PlanningFamily CommunicationFamily LegacyFamily Wealth

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