Advice You Can Trust - Episode 6 (Preparing Heirs for Their Inheritance)

Advice You Can Trust

Jun 3 2021 • 24 mins

In the sixth installment of Advice You Can Trust, James and Ryan explore the complex nature surrounding inheritances, specifically how to prepare heirs for receiving the inheritance itself. It's an unfortunate fact that inheritors often struggle with their windfalls in a way that can be harmful to the overall wealth. A family needs proper planning and clear communication to alleviate any potential issues that could occur with the inheritance itself, as well as the beneficiaries' spending habits afterwards. While the idea of inheritances is relatively straight-forward, this episode unveils the intangible circumstances at play, including both the internal and external challenges an heir may face when the family wealth is passed down. So sit back, relax, and enjoy another thought-provoking conversation on a topic we all thought we knew! Timecodes: 00:05 - Overview on today's topic 01:52 - Why there appears to be a double-edged sword when it comes to inheritances 03:20 - The internal and external conflicts an heir may face along the way 06:16 - How to begin addressing these issues and helping the heirs face these challenges 07:12 - What affluent families are doing, or not doing, when it comes to inheritances 09:15 - How to start fostering a level of financial intelligence among the heirs 11:40 - It's important to note how the heir themself handles their own finances 13:51 - An approach to educating heirs that is more appealing and effective 16:03 - Additional education efforts a family matriarch or patriarch needs to be considering 18:30 - These lessons should apply to all families with varying levels of net worth 21:47 - Who families should be turning to for help with preparing the heirs for their future inheritance 23:30 - Final remarks Connect with James Nichols: https://advisors.ubs.com/cumberlandrivergroup/ (Website) https://www.linkedin.com/in/jamesnicholscrg/ (LinkedIn)