In reading The Blum Firm’s email series about our newest initiative, it may lead you to ask yourself: Do I need to do Family Legacy Planning? The answer often follows from honestly asking yourself these two questions:
- “Are my heirs truly prepared to inherit?”
- “Are there issues in my family that if not addressed could lead to a breakdown in communication and trust?”
Consider these daunting statistics:
- 90% of families dissipate their wealth within two generations after inheriting it, falling victim to the proverb “shirtsleeves to shirtsleeves in three generations.”
- Research reveals the causes for this failure: 60% is due to lack of communication and trust, and 25% is due to unprepared heirs.
If your answer is “Yes, I need to do Family Legacy Planning,” the next question is usually: “How do I get started?”
In the next email in this series, we will begin unpacking the process. The first step is to find the right advisor and plan a family meeting.
Be on the lookout for more to come on how to be one of the successful 10%.
Marvin E. Blum