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Preserving Family Wealth

Throughout its history, the U.S. has had many extremely wealthy citizens. Some of those citizens left vast sums to their heirs and some of those families are still wealthy and known today.

However, for a country that has had so many wealthy citizens, the U.S. seemingly has very few lasting dynasties.

We rarely hear about the descendants of wealthy people who do not have any of that wealth left.

Why?

While transferring intergenerational wealth can be handled through good estate planning, it appears that making plans is not necessarily enough to ensure that the wealth will be properly preserved as Forbes points out in “The Rich Open Up About Family Wealth.”

The central problem is that the heirs of the wealthy are not guaranteed to value the wealth as much as those who created it. Even when they do value the wealth, they might not have the right knowledge to know how to preserve it.

There is no good wealth management gene that can be passed down along with the wealth.

What this means is that families need to talk about their wealth.

Younger generations need to be educated about how difficult it was to create the wealth and how they should go about making sure the wealth they inherit will be preserved for their children and grandchildren.

You need an estate plan to make sure that your wealth is properly transferred to your heirs.  However, it also might be wise to tell your heirs what they should do to protect what you have created.

Reference: Forbes (Oct. 10, 2017) “The Rich Open Up About Family Wealth.”

Hear From Our Clients
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I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

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