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Whether you stand to inherit money or you want to leave your children a lasting legacy, there are some important things you probably don't know about successful family wealth transfers. (Hint: it's not just about the legal paperwork!)
That's why I brought in Paul Deloughery for this episode of the Money is Emotional podcast. Paul is a probate and estate planning attorney with over 25 years of experience helping families protect their wealth and create lasting legacies.
Paul tells about his personal journey of unexpectedly inheriting $14 million and losing a lot of it! He shares the lessons learned from the emotional and financial complexities that accompany family wealth transfers.
We discuss:
- Mistakes Paul made with the $14M unexpected inheritance he received
- The two major blunders of UN-successful family wealth transfer
- Why wealth typically dissipates by the third generation
- The importance of creating a "Family Office"
- Why it is crucial to develop a family culture centered on teamwork, shared values, and stewardship.
As Paul said in the podcast, "I inherited $14 million, but it wasn't a miracle." Why? Because he didn't know what he revealed in this episode. And it goes way beyond wills and estate planning documents.
So grab your headphones and listen up! We want you to earn it, keep it, grow it, and pass it on.