Preserving Your Legacy & Your Relationship with Your Children

Ask anyone about their financial goals and they will likely tell you that family security tops the list. It stands to reason, then, that HNW individuals have nothing to worry about. Unfortunately, this is far from true, especially if your definition of “security” includes the bond among your children.  In fact, according to this twenty-year study, seventy percent of estate plans for well-to-do families “fail,” meaning they result in financial losses and the breakdown of relationships among the heirs. Here are some tips to keep your family intact while staying true to your vision, while preserving your legacy. Respect Their Autonomy. For better or worse, you had your chance to raise your children. Conditioning their inheritance upon specific life choices (i.e. that they get married or join the family business) puts them in the terrible position of having to…

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Obstacles to a Balanced Lifestyle & Ways to Overcome Them

Everyone, no matter how organized they are, has to work at maintaining a healthy lifestyle. For those who have attained a certain measure of success, this includes managing the needs of hundreds or even thousands of people in their personal and professional spheres. It feels good to be the go-to person in your business and/or family, but as fashion designer Joseph Abboud said, “You cannot be all things to all people.”  Attempting to take care of everything won’t help others – what it will do is leave you feeling depleted and probably resentful as well.  Here are some common impediments to achieving a balanced lifestyle and tips to overcome them. Tips to a Balanced Lifestyle: You spread yourself too thin. Do your employees come to you at all hours for decisions they should be able to make themselves? Do…

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Healthy lifestyle management habits to teach your kids about money.

Five Simple Tips to Teach Your Kids About Wealth History has shown us that wealth of any size can disappear, yet a surprising number of families, including those of ultra-high net worth, don’t engage in succession planning. There are various reasons for this, but the biggest obstacle is a lack of communication between principals and their heirs. Creating a stellar plan is only one part of the process – in order to successfully transfer wealth to your children you must first impart vital knowledge and tools about money. Here are some healthy lifestyle management habits that can help them build financial literacy and implement that plan when the time comes.     Examine your own relationship with money.  Whether you inherited your wealth or created it, before teaching your children healthy financial habits it’s important to understand your own beliefs…

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