Is your estate prepared for your demise?
I recognize it is not a subject most people wish to think about. However, it truly can be a nightmare for your heirs if you have not structured your estate appropriately.
I know because a client who passed away last year not only left her estate in such turmoil but had put one of her three children in charge who had no idea about investments or legal matters.
This has been overwhelming for these adult children, in their late 40’s.
A different situation was in 2006 when a client passed leaving a multi-million dollar estate to her daughter. The daughter was in her 50s and, again, had not been educated or informed of how money and other assets are dealt with. Over the years I had recommended that we bring the daughter into meetings and explain to her what the assets were in the entire estate, to give her a basic knowledge, at least to the amount of money she would be able to live on. However, my client elected to give her daughter no financial education. Upon my client’s demise I was left to work with the attorney and explain where the assets were. All the while trying to explain to her daughter that her spending habits needed to be lowered since she now was responsible for taxes. Within four years the heir had gone through millions and then suddenly passed, leaving behind the two teenage daughters she had adopted. Now a cousin of hers has been given the responsibility of having to sell off property and try and get the estate into a liquid position to support these girls, as well as making sure the girls have custodians over them.
Leaving a large estate for your loved ones is a great gift. However, if they are not educated into how to handle money and investing they will typically go through their inheritance quickly. Over the years I have discovered that few people feel comfortable in regards to discussing money, not just with their children but with their friends. It has become a subject not addressed in the school system and, even in public, it is best left alone. In reality, it needs to be discussed over and over.
During my speaking engagements at CSN, I have had students tell me that NO ONE has ever discussed money with them, that they felt having money was bad, as well as carrying a belief system that Wall Street was a bad place and treated everyone poorly. Investing is my passion and helping others understand that having millions is great, but if you are not taking the time to have your estate organized and educate your heirs (no matter their age), you are not giving them the best gift of all … knowledge!
It is never too late to educate anyone in regards to saving, investing, and planning for the future. If your children have their own families, then begin to work with your grandchildren. Show them how to make money, to save a % of what they earn and then begin to invest. Working with the young, even teenagers, and educating them how money can make their lives easier, create pride, raise their self-esteem and give them power over their lives is the best gift of all. Call and we can establish a time to begin their education on how they can prosper in life. I work with those who have made it & those who wish to make it.
Let’s have a conversation
Let’s get together, face to face. I will help you experience — and understand — how your money will grow in the world of long-term investments. Let me show you how much fun it can be! Call me, Vicki L Wille, today at 702-878-9562.
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