An Estate Plan Verses a Wealth Transfer Plan

three-generation familyLess than half of Americans have estate planning documents.

But an article on Forbes says that even if you have estate planning documents, you might want to consider having what is termed a โ€œwealth transfer plan.โ€

Reasons why such a plan may be needed are that 70 percent of family wealth is lost by the second generation and 90 percent is lost by the third generation.

The main reason why this money is lost, the article says, is a lack of communication and understanding and trust among family members.

Other reasons are that heirs are unprepared to receive their inheritance as well as errors in financial and tax planning and bad investments.

A wealth transfer plan involves preparing heirs for their inheritance, maintaining family harmony and empowering the family to make better decisions about what they inherit.


If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.

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