eFlourishing Masthead Outlined

 Published Weekly by Family Wealth Management, LLC 
          September 8, 2010                                                                                     Issue 28

Ours is not a philosophy for getting by.  We believe in living with purpose.  We believe in values, in goals, in achievement, and in the joy of living.

 Did a friend send you this email?
Join Our Mailing List
  • Reality
  • Rationality
  • Independence
  • Teamwork
  • Honesty 
  • Integrity
  • Productiveness 
  • Justice
  • Empathy
  • Courtesy
  • Professionalism 
  • Pride

FWM Logo 

Family Wealth Mangement, LLC
108 W 9th Ave
PO Box 728
Hi   :
Consider this:

A loving father drives his 12 year old son to see a major league baseball game in the family's new Mercedes. At the ballpark, father and son sit in the most exclusive club section, and enjoy fine food while they watch the game in air-conditioned comfort. On the way home, they drive past some older, run-down neighborhoods near the ballpark. Then they pass some relatively new tract houses, before finally turning into the driveway of their elegant home located in an exclusive, gated-guarded community.

At that point, the son turns to his dad and asks, "Dad, are we rich?"

The father smiles, and then answers thoughtfully, "No, son, we're not rich. I'm rich, and you get to live with me until you're 18."

OK, so you're not "rich". But, if you're reading this essay, you're probably doing just fine financially. More to the point, like the father in our story, you don't want your children to have unrealistic expectations when it comes to their inheritance. Even more to the point, you want them to manage their own money wisely, and you want a reasonable degree of certainty that they'll manage their inheritance wisely, too.

Here are a few really important questions for you to consider: 

    Do you discuss the matter of inheritance with your children?

    Do your children know where their inheritance came from, and do they appreciate how hard it was to accumulate?

    Are they emotionally prepared to inherit a significant (to them) amount of wealth?

    Do you have a plan to protect your children's (or your spouse's) inheritance from creditors and predators?

Here are a couple of things you should probably do:

    First, take stock of who you are and what you want for yourself and your family. Make notes.

    Second, meet with an empathetic financial advisor or estate planner, and share your desires and expectations openly. Confirm that your estate planning documents accurately reflect your wishes.

    Third, make certain that all assets are titled properly, and check the beneficiary designations on all of your IRA's, 401(k)s, pensions, annuities, and life insurance.

    Consider meeting with your children. Make sure they understand the intent of your estate plan, even if you choose not to share the details explicitly.

Communicating with your children (and other heirs) about their inheritance - and your expectations - is your responsibility. They shouldn't have to ask.

Until next week,

Quick Links
Learn more about: 
For Clients  
The opinions expressed in this newsletter are for information only and are not intended to provide specific advice or recommendations for any individual.  To determine the investment(s) that may be appropriate for you, contact your financial advisor prior to investing.  All performance referenced is historical and is no guarantee of future results.
All indices are unmanaged and can not be invested into directly.  Securities and financial planning services offered through LPL Financial Member FINRA/SIPC. 
Securities and Insurance Products and Financial Planning offered through LPL Financial and its affiliates.  Member FINRA/SIPC.
Not FDIC Insured.  No bank guarantee.  Not a deposit.  May lose value.  Not insured by any government agency.