Most people don't realize that their children (whether they are 5 years old or 50), will inherit more money from them than they will ever be comfortable spending themselves, and that when it is inherited by the children (of parents who have not planned in advance), a large portion of what they've left behind will be squandered on unnecessary taxes, penalties, unwise decisions, and avoidable administrative expense.
To illustrate the point of understated (or under estimated) wealth, most people will never sell their home, never fully exhaust their IRA's, and never benefit from the Life Insurance policies they've paid for or have through a salary matching program at work. However, after death, these kinds of assets are liquidated for cash and are often collectively well in excess of $1 million dollars.
For the families of people who fail to get financially organized and establish a trust to work the way we do for our clients, these kinds of assets can be forgotten/lost, squandered on costly procedural mis-steps that result in financial waste, or even lost to financial abuse or misuse in the case of younger heirs. Instead, inherited money could be used efficiently and as a resource to ensure an heir's well being and future success, maintained and grown for their benefit by a team of people you trust and financial professionals you may already have a relationship with. If this interests you, we have worked with many financial advisors in the Greater Lansing area and would be happy to work with yours.
To learn more about how you can make things easy for your family and leave the most value possible for them, click the button below to request free information about working with our firm and to schedule a Family Wealth Planning Session with trust attorney Stuart Williams.
