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Taking Steps to Help Craft an Appropriate Inheritance

All assets are not financial. As detailed in the True Wealth area of this website, there are asset classes that most people consider of significantly greater value and worth than their financial assets. 

Unfortunately, the act of distributing financial assets to heirs can often destroy values that people hold far more dearly than the financial assets they are distributing. For example, when our clients list the character traits they value, personal responsibility, self esteem, and personal work ethic often rate highly. Yet, the passing of a large amount of "unearned" wealth on heirs often destroys those character values in the lives of the heirs. 

At some point in the planning process, we encourage our clients to determine "How much is enough?" In other words, what is an appropriate inheritance for each family member? Is equal distribution the only fair distribution? What do you think the inheritance you leave will accomplish? Will leaving too much destroy any of the values you hold dear? What are the alternatives? 

We partner with our clients' tax and legal professionals to take steps to "craft an appropriate inheritance for family members that can help fund life opportunities for them without unintentionally passing on such a large inheritance that it ends up allowing children and/or grandchildren to choose an unproductive life, living off their inheritance."  

This material is intended to provide general financial education and is not written or intended as tax or legal advice and may not be relied upon for purposes of avoiding any Federal tax penalties.  Individuals are encouraged to seek advice from their own tax or legal counsel.  Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel.  This material is for informational purposes only and is not an offer to sell or a solicitation to buy any securities.