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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It goes without saying that a property manager must be able to juggle several tasks – and people – at once.

The concept of the American Dream has evolved dramatically since writer James Truslow Adams first coined the phrase in 1931. He wisely defined it in a broad sense, referring to a place where there was opportunity for a better life for everyone “according to abilities or achievement.” At the time home ownership was out of reach for all but the well-to-do, yet by the end of WWII fourteen years later it had become the goal of nearly every American.     Today, owning a primary residence is commonplace, even expected, and many consider owning a second home as a symbol of having attained “The Dream.” However, as the popular saying goes, “Just because you can doesn’t mean you should.”  Owning a home arguably involves as many headaches as joys, so it stands to reason that you will need the help…

Continue ReadingIt goes without saying that a property manager must be able to juggle several tasks – and people – at once.

Did You Know: there are property management solutions that allow you to perform several tasks with just a few taps of the screen?

Few professions require you to wear as many hats or juggle as many tasks as property management. A typical day may consist of meeting with architects and contractors about renovations in the morning; looking for an arborist to remove a downed tree in the afternoon; and fielding complaints from tenants throughout. And that’s when things are running smoothly.  You also have to serve as the collections agent when the rent is due; sheriff when someone needs to be served an eviction notice; peacemaker when negotiating between warring tenants; and crisis manager after a significant storm. It’s enough to make you wonder how anyone ever did this job before smart phones and tablets. Clearly, property management is not for the faint of heart, but for those who thrive on a fast-pace and a fair amount of chaos, not to mention…

Continue ReadingDid You Know: there are property management solutions that allow you to perform several tasks with just a few taps of the screen?