• 27
  • May
    2010

It takes a lot of hard work to build wealth. In addition to the time and effort it takes to accummulate the wealth, there is the time and effort needed to preserve the wealth you've already accummulated. 

Once you have climbed to the top with successful business decisions and wise investments, there is even more to decide when it comes to transferring your wealth. Here is some advice from a wealth manager:

  • Get Professional Guidance from a Florida estate planning lawyer. It has some up-front costs, but in the long run it will save a lot of time and money. There is no good reason to take risks with your wealth when it was won with so much effort. Do-it-yourself books and internet sites can never give you the same security as an expert Florida estate planning attorney who knows what he or she is doing, and can understand your estate. If you have any complex business interests or investments, all of the above is doubly true.
  • Consider the Financial Intelligence of Your Heirs. Your adult children may or may not understand your business or investments. They may not be able to continue with the instruments you've been using, nor know how to manage the wealth the way you have. It is always best to take this into consideration and put together a plan that fits with the understanding and abilities of the heirs. If they have a history of making poor financial decisions, you may need to set up a plan that helps them use the money wisely.
  • Include Future Heirs in Investment Meetings. If your heirs are familiar with your advisers and with your estate, they'll have a running start and a good comfort level with running the estate when it comes into their hands. If there are multiple heirs, this is also good practice for them to think about the estate and work together with it.
  • Know Your Advisors' Career Plans. If you are hoping to have your financial advisors around to help your heirs, find out what the advisors' plans are. If they are near retirement or a career change, find out who is going to succeed them.

Source: Bradenton Herald "Investing: Be careful in transferring your estate" May 25, 2010