Kiplinger

Apr 30, 2024

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A Letter of Wishes: No Legal Power But Powerful Nonetheless

Over the years, I’ve seen many estate plans that have been well crafted and tax-optimized fail when it comes to the one thing that matters most: leaving heirs better off for their inheritance.

 

Contributing to this is poor or little guidance for the trustees and little thought given to the damage that sudden wealth can cause. You need not look further than the statistics of lottery winners to see the failures caused by unexpected and rapid access to money.

 

What do you want to achieve with what you leave behind? And how can you prepare your trustees and heirs for this responsibility?

 

Generational wealth is a magnifying glass. It can amplify the best in us. It can also exaggerate fault lines of misunderstanding and lead to resentment.

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Read more: A Letter of Wishes: No Legal Power But Powerful Nonetheless

[Steve Lockshin, Kiplinger.com]