3/15/2023 0 Comments Playing to win donkeykong![]() ![]() Heirs often lament that something they expected or that their parents wanted didn’t happen. They do it by asking difficult and important questions about potential problems before the problems actually become divisive.Ī lot of those problems will revolve around the family’s expectations. ![]() The good news is that advisors can fill these gaps in communication and play pivotal roles strengthening the bonds among family members. Our firm, the Williams Group, works with an attorney who says, “I have been writing estate plans and trusts for many years and have learned that I cannot write an estate plan that fixes your kids.” In many cases, that happens because there’s a lack of communication among family members. In other words, the family loses control of the assets in 70% of their businesses. For instance, only 30% of family businesses survive into the second generation, according to the Family Business Institute. There are other things people don’t talk about when they are preparing families for passing on assets. ![]() Trust suggests they worry about the effect money has on their heirs-a majority worry that the next generation will emphasize material items, spend beyond their means or lose motivation when handed wealth. One of the things families fail to discuss is what their values are. Parents worry about the impact of money on their heirs and how to prepare them for the transfer of wealth. The Role Of Family Dynamics In Building Trustįamily dynamics play a much greater role in successful estate transfers than people realize. How do you ask the more meaningful questions that will allow you to build trust? By meaningful questions, I mean the ones that address the families’ central concerns-for example, “To what extent will your wealth unify or divide your family?” So how do you build enough trust that you can ask more meaningful questions and build a broader value proposition? Reverse the question. If you aren’t asking the right questions, someone else is. ![]()
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