Addressing the Challenges of Giving—and Receiving—Family WealtH

While most people would agree that having money is better than not having money, wealth itself doesn’t guarantee a smooth, happy or successful path.

That can be particularly true among those who inherit family wealth. Affluent parents and grandparents often worry about the potential negative impacts of giving significant wealth to their kids. Meanwhile, inheritors can feel overwhelmed by sudden wealth—particularly if their “good fortune” resulted from the death of someone they loved dearly.

The first step to navigating wealth transfer among family is to recognize the challenges that inheritors are likely to face so you can be on the lookout for them—whether you’re the giver or the receiver of assets. While every affluent family has its unique characteristics, there are a few challenges that we see cropping up repeatedly among inheritors of wealth.

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Robert J. Pyle, CFP®, CFA, AEP® founded Diversified Asset Management, Inc., in 1996 to provide personalized, comprehensive wealth management services to successful individuals, families, single women, and business owners. His specialty is addressing the complex financial needs of self-employed professionals, corporate executives, and small-business owners. Our disclosure can be found here. The views, opinion, information, and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting, or tax advice.