Family office advisors and wealth managers around the world are seeing an incredible boom in their businesses. Why? Because more and more rich and well to do families are setting up their inheritance and wealth transfer processes.
They want the transfer to be as smooth as possible, and rightly so. It is estimated that the boomer generation is currently transferring $68 trillion dollars of wealth to their spouses and children. What an incredibly large number. Insane almost.
But you know what happens when people who haven’t worked hard to earn money end up with ridiculously large sums of inheritance money? Surely you do.
Here’s a nice quote I came across:
“Parents are good at preparing the money for the person, they are often less good at preparing the person for the money.”
Jess McGawley