Assurances in Granting Wealth
- Posted on: Oct 24 2021
It can take a lot of hard work and time to finally accumulate a good amount of wealth. When you work that hard to get what you have, you may have fears about what will happen to your money when you pass it down. While many people have fears about passing down their wealth, here’s why you shouldn’t.
You Worry it Will Cause Your Children to Lose Their Ambition
When you wish to provide your children or other loved one(s) with a large inheritance, you may also fear that it could cause them to lose their ambition and lack all motivation going forward. After all, knowing that they will be coming into a lot of money isn’t exactly motivation to study and work hard. However, there are things that you can do ahead of time to prevent this from occurring.
When you create an estate plan, you can prevent the entitlement that you fear will occur by providing your beneficiary with different incentives. This may mean that you require them to graduate from college or to obtain a certain GPA in order to receive the money. You can even limit what they are able to spend the money on – or leave these decisions up to a trustee whom you trust to make the proper decisions after you pass away.
You Worry That You Are Putting a Target on Their Back
Money does strange things to people – including not only those who inherit it, but also those who are merely around it. Many people try to take advantage of those with money. You may fear that this could happen to your loved one. You may even worry that they could be targeted and manipulated into marriage or business partnerships solely for their money. But this is where a qualified estate planning attorney can come into play.
An estate planning attorney can help to ensure that your loved one is protected from being targeted by selfish users. You can set up an estate plan that only allows the beneficiary to access the money for certain things. That way, it can’t be used to fund a luxurious trip for your beneficiary’s girlfriend.
You Worry That it Will Come Between Family Members
One of the biggest concerns that people have when it comes to passing down wealth is how it could come in between your loved ones – especially family members. This often occurs when one family member receives money but another receives less – or no money at all. There are a couple of different potential solutions to this issue.
You can treat your heirs equally, or treat them fairly. In other words, you can give each of them the same amount of money or you can give them the amount of money that you feel they need, dependent upon their specific situation. This is just one of many tough decisions that you may need to make, which is why an estate planning attorney may be a great help.
The Law Offices of Brian L. Fox, APLC Help those Who Wish to Pass Down Wealth
When you’ve worked hard for your money, the last thing you want is for those you pass it down to, to either squander it or allow it to negatively impact their personal lives. That’s why it is helpful to consult with a knowledgeable and experienced California Estate Planning Attorney. At the Law Offices of Brian L. Fox, APLC, we know how important it is to protect that for which you’ve worked so hard. We will help you to create a comprehensive estate plan to protect your wishes. To learn more or to schedule a free consultation, contact us today!
Posted in: Estate Planning