Many wealth management clients often encounter the same issue—they want to know how to prevent their children from becoming entitled. From consulting with therapists, a parenting coach, and an early education specialist, there are five consistently identified principles to help parents raise more self-reliant children and sidestep the entitlement trap. The encouraging takeaway is it’s never too late to start this work with your children.
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All parents have reasons for why they do or do not share their wealth with their children, and neither option is without challenges. The key for parents is to find the balance between sharing everything and sharing nothing while also passing along the skills required to ensure their children become responsible inheritors and/or beneficiaries. Here are some best practices for striking that balance without losing the opportunities that come with significant wealth.
Roughly 15% of ultra-high net worth individuals worldwide rely on private aircraft for most personal and business flights. When weighing your options on aircraft ownership, there are pros and cons that should be considered. It's also important to know the key players to help you navigate the selection, purchase, management, financing, and disposition of an aircraft.
Delivering what matters most to families includes resolving appropriate succession plans to make sure that the purpose of family intergenerational wealth is delivered. Although confronting succession issues can be unsettling, it is through facilitated discussion that options are worked through and “best-fit” solutions implemented.
Based on decades of firsthand experience, the Hurricane Protection Unit of AIG provides insights and lessons learned from the front lines to help enhance your home’s resiliency in the event of a major storm.
Although water damage is the most frequent cause of loss to luxury homes, most people don’t appreciate the specific impact it could have on them—and therefore don’t take proactive steps to avoid it. By anticipating and dispelling water damage assumptions and the myths up front, you can sidestep costly losses in the future.
Nothing says, “I'm not sure our marriage will last,” like asking your new fiancé for a prenuptial agreement. This situation can be made even more touchy if the parents of the bride or groom are the ones insisting on the agreement. However, if approached positively and created thoughtfully, a prenuptial agreement can have benefits for both partners and for the couple's relationship.
The most successful enterprises, whether they’re companies or families, make a concerted effort to capture and articulate what is at their core. Taking the time to discover what drives you and your family is an investment worth making.
The most problematic challenge wealthy families face is not how to make more money, but how to ensure that it lasts. This requires focusing on something other than money. Successful families, whose wealth lasts for many generations, follow five key practices.
Market research reveals that nearly 70% of intergenerational wealth transfers fail by the third generation and almost 90% by the fourth. These are compelling statistics which have become top of mind concerns for many families as they plan their wealth transition to the next generation. For Australian families, there are three key challenges they face when transitioning wealth. A closer look shows what they are doing to beat the statistics and ultimately succeed.