Optimizing Your Financial World - Episode 4 (Preparing Heirs for Their Inheritance)
Are your heirs ready to deal with the wealth you may be planning to pass on to them someday? It's an unfortunate fact that inheritors often struggle with their windfalls in ways that can be hazardous to their wealth.
On the fourth installment of Optimizing Your Financial World, Mark Wade unpacks the complex world of inheritances and the variety of internal and external conflicts that arise throughout this process.
Listen as Mark outlines how his affluent clients prepare their heirs for the inheritance and why we can all take a page out of their playbook on this topic.
Timecodes:
0:06 - Overview on the topic of the show
1:20 - Why inheritances can be double-edged swords these days
3:31 - The internal and external conflicts that arise among heirs
5:01 - Where to start in preparing the heirs for this moment
6:58 - What extremely successful families are doing, and not doing, when it comes to passing on wealth
9:40 - Beginning the process of fostering a level of financial intelligence among the heirs
12:03 - It's important to consider the heirs current views on wealth
14:25 - An approach that may resonate better than others
17:28 - Additional efforts the matriarch or patriarch can be taking
19:30 - You don't have to be super rich for these educational efforts to apply
21:08 - How to get in touch with Mark and his team to continue the conversation
23:31 - Closing remarks
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