In recent years, America, as well as other countries, has become increasingly wealthy.  However, there is a 70% failure rate with regard to transferring estates.  Most of the failure is due to a lack of communication within the family that leads to mismanagement of money, lawsuits, etc.

1.      A practical precursor to a “family meeting” is an executive board meeting, with the husband and wife, and their advisors, accountant, attorney, financial planner, wealth manager, etc.

2.      If you cannot afford such a meeting, meet with only your accountant or wealth manager and have him put everyone else on a conference call , to minimize time.

3.      After this precursory meeting, bring your heirs to a meeting so that they can establish a relationship with the advisors.

4.      You can also explain to your heirs certain decisions you have made, such as why one child is inheriting more than another child.

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