legacy

Route to an $8 Million Portfolio Started With Frugal Living

My “Millionaire Next Door” clients and their advisors would probably get a kick out of the story of Ronald Read – a former JC Penny janitor and service station worker who passed away earlier this year with $8 million. Ronald Read passed away with $8M fortune None of his friends and family knew of his wealth,

The Key to Successful Wealth Transfers

According to a recent study conducted by The Williams Group on over 3,250 families, “70% of intergenerational wealth transfers fail.” Their report defined “failure” to be situations wherein the heirs squandered the inherited wealth and assets. The majority of these failures stemmed from families whose heirs were not properly prepared for the responsibilities that came with

A Nonfinancial Estate Planning Checklist

Amidst the end of year rush to make the most of the gift tax exemption before it expires, a recent Wall Street Journal article reminds us that the focus should not be on wealth alone. The article lists 10 nonfinancial areas to address.  Here are six of my favorites: 1. What, if any, concerns do the

Leaving a Legacy

The article Heiring Grievances was posted by Ruth Mantell on December 12 on the online edition of The Wall Street Journal. It encourages parents with multiple heirs to think about the emotional legacy they will leave behind when making decisions about inheritances. It notes two key considerations during the planning process – how parents want to

February 26th, 2011|Tags: , , , , , , |