Wealth and Relationships: Level the Playing Field

Cameron’s mother died unexpectedly when Cameron was 25 years of age. This was the first time Cameron met his mother’s financial and legal advisors. Still, in shock from his mother’s death, he felt very vulnerable and intimidated. He grasped little of what he was being told. To avoid being thought of as ignorant he avoided asking any questions and left as soon as he could. When he shared his experience with his college friends, one of them advised Cameron to transfer his wealth to one of his brother’s college alumni who said he only invested in socially conscious corporations. This aligned with Cameron’s values so he proceeded with the transfer. Within eight months he had lost two-thirds of his inheritance. Start the conversation now by asking your next generation what they think a prepared heir is, and offer them your expectations. Taking these proactive steps will improve your odds of preserving wealth and setting your family up for a successful transition. Contact us to learn how to get these conversations started.

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