The further removed heirs are from the generation that initially earned generational, family wealth, the less likely they will be to preserve that wealth.
Some people have earned great wealth through their own efforts and know how hard that is. Their children are often, but not always, also aware of how much hard work went into amassing enough wealth to be able to pass it down for generations.
They will often continue trying to preserve the wealth.
However, the situation gets murkier when it comes to the grandchildren and great-grandchildren of the initial wealth generators, as Private Wealth discusses in “Heirs May Not Guard Wealth, An Advisor Says.”
The further removed heirs are from those who created the wealth, the less likely those heirs are to understand the work that went into it and the more likely it is that having wealth will seem like a natural occurrence to them.
This often leads to these later generations spending more of the wealth than they should and not leaving enough for it to continue passing down through the family.
There are ways to help protect against this.
Those who create the wealth can discuss the issue with their estate planning attorneys and devise ways to make it more difficult for later generations to waste what they inherit. Another good idea is to make sure that subsequent generations receive solid financial educations and advice.
Reference: Private Wealth (Dec. 19, 2016) “Heirs May Not Guard Wealth, An Advisor Says.”
Suggested Key Words: Estate Planning Attorney, Heirs
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.
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!
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.
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!
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!