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Your Children Need These 4 Life Skills To Be Successful With Their Inheritance

Lucere Legal makes estate plans that protect the next generation

The popular conception of the average “trust-fund kid” is hardly without its basis. Without you there to raise them, their opportunity to learn the fundamentals of financial responsibility may be lacking for variety of reasons. You have likely already done your best to specify who would take care of them in the event of your passing, but what if you could have a more direct impact on the development of their skills?

You don’t need to be like rockstar Sting—who recently answered in an interview that he would not leave “an albatross around the neck of the children” in the form of inherited wealth—to do right by them. Often, the greatest family fortunes are built up by generation after generation of the same family—so long as the properly instill the value of respecting, protecting, and growing inherited wealth.

In Raised Healthy, Wealthy & Wise, author Covie Edwards-Pitt documented a set of four skills that can serve as the foundation for responsible caretaking over an inheritance. By speaking in-depth with dozens of successful inheritors, she identified those four foundations as follows:

Ability to make it on their own

If wealth is something they never have to work for, children risk having a life empty of the satisfaction and fulfillment that comes from hard-work and self reliance.

Ability to set and achieve their own goals

Instilling an appreciation for a work-ethic and the dedication it takes to succeed makes it more likely that they will find satisfaction in their work. They should learn to give their best at every job and take setbacks as learning opportunities.

Identity based on their own achievements

Children are happier and more successful when they develop their own identity and self-worth that is based on their achievements, and not on family wealth.

Perseverance in the face of adversity

You want to provide for their security and well-being, but you must also allow them the experience of setbacks and failures. The most successful inheritors know how to not only build off of what they already have, but to put themselves back on track when things go awry.

One of the main goals of our law practice is to help families like yours plan for the safe, successful transfer of wealth to the next generation. Call our office today at 612-206-3701 or reach out via our contact form to schedule a time for us to sit down and talk in an estate planning consultation session, where we can identify the best strategies for you and your family to ensure your legacy of love and financial security.

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The plain-English guide for Minnesota small business owners

When it comes to business, ignorance isn't bliss; ignorance is risk.

There's a handful of legal topics that business owners should be familiar with, at least on a rudimentary level, to reduce the risk of having something horrible come out of left field.

This book is a legal guide to help you put the most common business legal issues on your radar, with enough information for you to be on the alert for when you may need to get some professional advice.

The intention in arming you with this information is so that you can proceed in business confidently and with fewer legal quagmires.

Do you have a cabin?

The first generation that buys a cabin enjoys it to the fullest and it’s a magical place where happy memories are made and families go for some much needed respite. Unfortunately, without thoughtful planning, the chances of the cabin staying a place of happiness and tranquility into successive generations is very, very slim.

If you haven’t done the planning in advance and made it legally binding, the family members (and their ex-spouses and new spouses) will have to work every detail out for themselves. If they can’t, what is likely to happen is a lawsuit called an action for partition that forces everyone to sell their interest. This lawsuit is expensive, and the costs of litigation will come out of the proceeds of the sale of the cabin, so to add insult to injury to those who wanted to keep the cabin but couldn’t afford to buy the others out, they are footing part of the legal bills in the lawsuit against them. Ouch!

It’s no wonder that family members stop speaking for years after the cabin conflict is “resolved.” You can’t make family relationships perfect, but you can take away much of the fuel for the family conflict fire. That’s what cabin planning does, and it has the nice side effect of giving you peace of mind now.

That’s why Kimberly wrote The Minnesota Cabin Planning Guide and Workbook, and you can get a free electronic copy of her book on our cabin planning website, or you can find it in many county libraries in Minnesota, or you can get it on amazon.com.

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