In the newest installment of Planning Wisdom of the Super Rich, Devang and Ryan explore the complex nature surrounding inheritances. The biggest question when facing this financial circumstance is: Are your heirs ready to deal with the wealth you’re planning to pass on to them one day?

Unfortunately, inheritors often struggle with the repercussions of an inheritance that can be hazardous to the overall family wealth. It takes proper planning, education, and communication to avoid the internal and external problems that arise.

Most of us understand the general idea behind an inheritance, but this episode unveils the intangible elements that come into play, especially when dealing with a significant level of wealth being transferred.

So sit back, relax, and enjoy another great conversation surrounding a topic you thought you once knew!

Timecodes:

0:06 – Overview on today’s topic

1:35 – Why inheritances can be a double-edged sword

3:20 – The internal and external issues inheritors can often face

4:30 – How to start addressing these issues and begin educating your heirs

5:30 – Lessons to be learned from Devang’s dealings with his super rich clients

9:40 – The importance of understanding an heirs current views on wealth

11:40 – An effective approach towards educating heirs on their wealth overall

14:00 – Additional elements family matriarchs or patriarchs should be considering 

15:30 – Educational efforts should be done for all heirs, not just the super-rich

17:40 – Closing remarks

Connect with Devang Patel:

Virtus Wealth Solutions

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