Do I Need To Do Family Legacy Planning?

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