Protect Your Fortune By Avoiding This ONE Simple Mistake!
"A man's home is his castle." (Cicero, Roman philosopher and statesman; ca. 50 BC)
Were truer words ever spoken? We think not. Whether the "castle" in question is a 20-bedroom mansion with spectacular Trinidad Harbor views, or a cozy cabin nestled in the outskirts of "bustling" downtown Ettersburg, the home is where we raise our children, celebrate life's successes -- and wage pitched battles over who gets to control the TV remote.
Our homes, in essence, are the royal courts of our own individual fiefdoms -- and deserving of the utmost protection.
That is why, as estate planners, it breaks our hearts when good people lose their proverbial Buckingham Palace -- especially when disasters like these are entirely preventable.
A California consulting firm that tracks family-wealth conducted a study of more than 2,000 affluent families over the course of 20 years, searching for an explanation to the boom-and-bust cycles experienced by some wealthy clans. [Source: Wall Street Journal; Spring 2013 WSJ.Money: Lost Inheritance, by Missy Sullivan]
Can you guess the number one reason fortunes vanished from those families who went "bust"?
You may be shocked to learn that it had nothing to do with high taxes or poor investment advice.
No, the "family castle" was lost, by and large, due to lack of communication between family members and the consequent fallout and erosion of trust it caused.
According to the authors of the study, the potential for intra-familial strife -- and depleted treasure -- increase dramatically when families simply avoid talking about finances, or avoid talking entirely.
Thankfully, such tragedies are easily prevented if you and your loved ones commit to talking early and often.
And we can help. Gale & Nielsen has a proven track-record of helping families deploy strategic wealth preservation. Let our attorneys lend a seasoned, individualized approach to protecting your assets -- and discussing differences in opinion before resentment sets in.
Don't wait until your castle comes under siege. See us today and start the dialogue.