Advice You Can Trust - Episode 6 (Preparing Heirs for Their Inheritance)
In the sixth installment of Advice You Can Trust, James and Ryan explore the complex nature surrounding inheritances, specifically how to prepare heirs for receiving the inheritance itself.
It's an unfortunate fact that inheritors often struggle with their windfalls in a way that can be harmful to the overall wealth. A family needs proper planning and clear communication to alleviate any potential issues that could occur with the inheritance itself, as well as the beneficiaries' spending habits afterwards.
While the idea of inheritances is relatively straight-forward, this episode unveils the intangible circumstances at play, including both the internal and external challenges an heir may face when the family wealth is passed down.
So sit back, relax, and enjoy another thought-provoking conversation on a topic we all thought we knew!
00:05 - Overview on today's topic
01:52 - Why there appears to be a double-edged sword when it comes to inheritances
03:20 - The internal and external conflicts an heir may face along the way
06:16 - How to begin addressing these issues and helping the heirs face these challenges
07:12 - What affluent families are doing, or not doing, when it comes to inheritances
09:15 - How to start fostering a level of financial intelligence among the heirs
11:40 - It's important to note how the heir themself handles their own finances
13:51 - An approach to educating heirs that is more appealing and effective
16:03 - Additional education efforts a family matriarch or patriarch needs to be considering
18:30 - These lessons should apply to all families with varying levels of net worth
21:47 - Who families should be turning to for help with preparing the heirs for their future inheritance
23:30 - Final remarks
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