Endless Inheritance

Download or read book Endless Inheritance written by Richard Del Monte and published by Advantage. This book was released on 2014-12-01 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many successful parents have spent their lives creating a financial bonanza for themselves, as well as their children and grandchildren. What they didn’t plan for are the unintended consequences that increased wealth brings. These include issues like entitlement and loss of work ethic among the rising generation, and increased potential for upsets, disputes, and strained relationships that can often progress to separation and even lawsuits. Richard M. Del Monte, CFP®, CWC, wealth consultant and author of ENDLESS INHERITANCE: Moving from Feuding to Flourishing in Your Affluent Family aims to help affluent families prepare for and prevent the destructive forces that wealth brings, and help them resolve all their conflicts, prepare the heirs to handle the wealth they will inherit, and create a scenario in which money becomes a tool to unleash and achieve the family’s greatest potential, now and in future generations. Seventy percent of affluent families fail at passing on wealth through the second generation, meaning the kids either squander all the money or wind up fighting with or suing each other. Written as a guide, ENDLESS INHERITANCE: Moving from Feuding to Flourishing in Your Affluent Family, outlines how to prepare the rising generation of a wealthy family—not just to inherit worldly goods, but to be engaged and contributing members of the family, to appreciate their shared history, resolve conflicts quickly before they escalate, and to be able to handle the responsibilities and opportunities that come with wealth. As a wealth consultant, asset manager, and trained specialist in family dynamics, Richard M. Del Monte outlines a plan of action supported by resources and exercises to empower parents and children alike to start the often difficult conversations needed to overcome poor relationships, lack of trust, and entitlement. The book addresses financial planning aspects wealthy families should consider, as well as the family’s interpersonal relationships and training that need to be addressed to ensure their wealth and family harmony last for generations.