Last Blog I mentioned the 3 key long-term questions to ask yourself when it comes to your wealth:

1. How much is enough for you?
2. How much is enough for your heirs?
3. What do you do with what’s left over?

After determining how much money you will need throughout your life, who else will be impacted by your wealth? This could include kids, siblings, friends, or anyone you desire to impact. The key question to ask is: How much will HELP them? Many people think “the more, the better!” This doesn’t always hold true. There are many examples of “trust fund babies” who avoid learning basic lessons in life because their wealth allows them to avoid growth opportunities, like work, sacrifice, patience, discipline and self-control! Heirs will have needs and they will have wants. Give your heirs enough to meet needs. Then if you want, give heirs enough to do something, but not enough to do nothing. There are many ways to pass down wisdom with your wealth ensuring that heirs are ready to thrive long after you are gone.

Another complex question will be how to practically pass down that wealth given the intricate emotions and the multitude of methods. This is an important area to get advice, and even professionals need objectivity on their own situation. Give us a call and we’ll help you effectively plan for the goal of maximum impact!

Stay tuned for Part 3 as we discuss what to do with what’s left over!