In the second installment of Modern Wealth Management, Darrick and Ray explore the complex nature surrounding inheritances. The big question surrounding this topic is: Are your heirs ready to deal with the wealth you may be planning to pass on to them someday?

It's an unfortunate fact that inheritors often struggle with their windfalls in a way that can be hazardous to the overall wealth. It takes proper planning and clear communication to alleviate any potential problems that could occur with the inheritance itself, as well as the beneficiaries' spending habits afterwards.

We all understand the general process behind inheritances, but this episode unveils the intangible elements that come into play, especially when a significant level of wealth is being transferred.

So sit back, relax, and enjoy another enlightening conversation that sheds light on a topic we all thought we knew.

Timecodes:

00:05 - Show overview and recap of prior episode on stress testing process

02:00 - Are your heirs ready to deal with an inheritance?

04:40 - The internal and external conflicts that inheritors experience

07:35 - How Darrick and Ray begin with helping an heir address this process

11:27 - Examples of what successful individuals are doing when it comes to passing on their wealth

14:26 - Where families should begin to foster a sense of financial intelligence in their beneficiaries

23:40 - Things family matriarchs and patriarchs should be considering

30:10 - Who families should turn to for guidance on handling inheritances

32:40 - How the inheritance conversation plays a role in stress testing overall

34:45 - Closing remarks

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