A recent article on Forbes.com took a look into the surprisingly high rate at which intergenerational wealth transfers fail. This is undoubtedly a major issue of consideration for estate planning attorneys in Bethesda and Largo and beyond. Our goal is for your wishes to be followed both in specific and in the spirit of your intentions. So, if transfers are failing, it makes sense to examine why and learn how to avoid these issues in the future.
According to research done by Roy Williams and Vic Preisser, intergenerational wealth transfers fail a staggering 70% of the time! The main factor in the failures was that the families themselves did not implement any post-transition planning. That is to say, the heirs were never prepared to take on the privileges and responsibilities of inheriting the family’s wealth.