Family Wealth Advisory Services. Helping your Children be Successful through Magellan Law
Sit back for a minute and think about the following questions:
- Do your children know how much money you have?
- Do your children know the “ins” and “outs” of your
business ventures? - Are your children business savvy?
- If your children won the lottery tomorrow would they spend it like you would? Or would they spend it carelessly?
- Would your children be able to figure out your finances if you become incapacitated
or die? - Do your kids know your estate plan?
- Are your children fiscally responsible?
Most people don’t like to think of death, or even retirement. Your children will be the next generation to carry on your family legacy and they need to be informed on how to handle the family money and/or the family business. All too often family businesses are being sold as soon as the parents pass away. Often times when people inherit a lot of money they end up not knowing how to spend the money and wasting it on a lavish lifestyle which can’t be financially supported in the long term.
Paul Deloughery knows this first hand which is why he is perfect to help with your family wealth advisory services. He inherited a large sum of money that he was not expecting. Despite years of schooling and professional experience as a probate and estate planning lawyer, he was not prepared for the emotional and psychological aspect of coming into an inheritance – especially when there is a lack of communication between parent and child, and lack of preparation for an heir. (You can read more about Paul’s personal story in his blog).
Due to Paul’s experience, he can help other families be aware of certain financial inclinations. If your children are educated about the family details, they are much more likely to do the best thing with the money and carry on, or begin, a family legacy. However, estate planning is a process and not a transaction. Contact Paul Deloughery at Magellan Law to schedule a time to discuss our family wealth advisory services.