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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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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Solutions that empower people to be stewards of their lives and legacies.

Entrepreneur, author and thought leader Jim Rohm once said, “Time is more valuable than money. You can get more money, but you cannot get more time.”   These are wise words, and technically true. However, while we cannot “get” more time, we can “make” more of it with the right guidance. At EstateSpace, we are passionate about providing people with cutting edge digital tools that streamline daily tasks and enable them to live and work with more joy and efficiency.   Recently, EstateSpace was named a finalist for the Family Wealth Report Awards.  To be recognized for one’s work, especially work they are so passionate about, is the highest honor. In this case, it also reaffirms the need for solutions that empower people to be stewards of their lives, assets, and legacies. We know we are measured by our…

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