“Wealth doesn’t come with a handbook.”
So says a multimillionaire business principal who, like many similarly wealthy individuals, duly stresses about the future of his children.
Although that concern might seem a bit misplaced — even incongruous — for well-heeled business tycoons and families in Massachusetts and across the country, it is decidedly the case that, wealth notwithstanding, all parents worry about their kids’ futures.
Reportedly, and as noted in a recent Washington Post article discussing inheritances and other estate planning matters for exceptionally wealthy Americans, a singular concern for that demographic — especially for family scions focused upon wealth transfer across generations — is the continued well-being of children growing into adulthood.
Notably, the concern is not about simply ensuring a continued cash flow. Rather, it is decidedly about balance, namely, the importance of an inheritor to know and understand great wealth while at the same time maintaining a desire to lead a meaningful, motivated and productive life.
In other words: Truly rich wealth creators often worry that great riches can dull motivation. There can be a fine line attached to acknowledging lofty assets and continuing to instill a work ethic and drive in future inheritors.
How that line is walked will depend upon singular factors existing in every family. Sound estate planning obviously resists cookie-cutter solutions, which is a fact manifestly evident where outsized wealth is involved.
Regardless of the bottom-line financials relevant to any family, timely and proactive attention paid to estate planning and administration routinely promotes best-case outcomes across a wide universe of considerations, ranging from asset transfer/inheritances and lawful tax avoidance to charitable giving, family legacy concerns and additional matters.