Picture the scene:
An elderly relative has died, and family members are gathering at the office of an attorney for the reading of the Last Will and Testament of the deceased.
It’s a mystery. Only the attorney knows the content of the estate and the related distribution to close and distant relatives, other individuals, and appointed causes.
Some in attendance, did not know the deceased or did not have any active relationship with the deceased.
With the reading there is surprise on both the large size of the estate and how it will be distributed.
There is excitement for some. There is shock and anger for others.
There are questions for all.
While today this process generally takes place electronically rather than physically in an attorney’s office, unfortunately the inheritance surprise is more common than we would like. The lack of effective communication during and after the planning process can have a significant negative impact on the effectiveness of the plan. The resulting questions and inability to obtain answers, may negate the generosity and good intentions of deceased.
- Who is this attorney? What’s his role?
- Who is this financial advisory person? What’s her role?
- Where did all this money come from?
- Who made the plan?
- Who had input into the plan?
- Who knew about the plan?
- How did he think this news would be received?
- Why didn’t he communicate this while he was alive? When he could answer some of the questions?
- Who got what?
- Who expected what?
- How come he got …?
- Why didn’t she get…?
- What did I do to deserve this?
- What didn’t I do to deserve this?
- Why did he give so much to charity?
- How did he choose the charities?
- What’s this trust thing the lawyer mentioned?
- How does it impact me?
- More importantly, who is this trustee person the lawyer has introduced?
- What is her role? Who chose her?
- Do I have to ask (beg) her for “my” money?
- How will this event and the discovery of the terms of the will affect the family?
- Will it bring them closer? Will it push them apart?
The ultimate effectiveness of a wealth plan has less to do with tax avoidance and elegant legal construction and more to do with family understanding, acceptance, and preparation. A generous and well-intentioned plan without appropriate involvement and communication can destroy the trust and acceptance between family members.
At Telemus, the foundation of our organization is based on a holistic approach to financial life management for wealthy families. We have the experience, resources, personalized approach and succession structure to assist you in reviewing your world and developing, implementing and supporting appropriate ongoing strategies to prepare and support you, your spouse and your children now and in the future. Let us help you prepare for your future. Let’s start the discussion!
PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. This material is presented solely for informational purposes only. Telemus does not provide tax, legal or accounting advice, and nothing contained in these materials should be relied upon as such. Nothing in this presentation in intended to serve as personalized investment, tax, or insurance advice, as such advice depends on your individual facts and circumstances. Investment decisions should always be made based on the client's specific financial needs, goals and objectives, time horizon and risk tolerance. Current and future portfolio holdings are subject to risk. Risks may include interest-rate risk, market risk, inflation risk, deflation risk, currency risk, reinvestment risk, business risk, liquidity risk, financial risk, and cybersecurity risk. These risks are more fully described in Telemus Capital's Firm Brochure (Part 2A of Form ADV), which is available upon request. Telemus Capital does not guarantee the results of any investments. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, and may lose value. Advisory services are only offered to clients or prospective clients where Telemus and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Telemus unless a client service agreement is in place.
Telemus is a place where financial security is just the starting point. A place where you can identify and realize a more profound, more aspirational mission – to leverage your wealth to help you achieve your envisioned future. Through a deep and thoughtful exploration process with a unique team of experts, we help you define what financial and personal achievement means. By igniting a partnership with Telemus, we will help you attain personal life enrichment, your grandest visions, and your life’s most important goals. At Telemus, we have a different perspective on your financial life. When you take a seat at the Telemus Roundtable, you gain access to the most compelling conversations and inspired solutions for your financial future. We offer you a brand new, more holistic outlook far beyond just investment management which we know will serve as the inspiration for a more enriched life.