Each family and each estate is unique in its own way, to include the unique challenges they face. In the end, though, the singular goal of most parents is to keep both the family and the estate together.
Whatever your station, you might learn a thing or two from the problems faced and solved by others.
As the New York Times notes in a recent article titled “Looking for Ways to Keep Money From Dividing a Family” you can especially learn from those who happen part of an exclusive club like Tiger 21.
Tiger 21, if you are unfamiliar, is a club of investors who each happen to have $10 million to invest and recently met to discuss the very issues of estate planning and keeping the family together as detailed in the original article.
As you would imagine, these are families with especially large and unique planning considerations, and some complex ways of making it all happen. Their struggles and solutions, as a result, are all the more instructive.
Even if you are not a card-carrying member of the Tiger 21 club, the principal problems the members face are powerful and the article gives us a few to chew on. For example, how do you pass on wealth and what conditions do you attach to it? On the one hand, you likely do not want to be overbearingly paternalistic. However, on the other hand, there is definite value to setting goals and, especially, when it comes to not spoiling the young.
So, how do you make the plan work? It has to be set on a solid legal ground and also understood in the familial way intended. And just what will keep the family together? What will prevent infighting and actually keep the family members together as a core group?
There are some personal stories sprinkled throughout the original piece and, because your family is unique too, these are principals you may want to apply and questions you may want to ask of yourselves.
So, how will you keep your family and estate together in Overland Park or elsewhere?
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri) and to download free tools to help you organize your estate, visit my estate planning website.
Reference: The New York Times (March 21, 2014) “Looking for Ways to Keep Money From Dividing a Family”