Influencing the Behavior of Heirs

November 2003
Journal of Financial Planning;Nov2003, Vol. 16 Issue 11, p56
Academic Journal
The article discusses issues on how an inheritance will influence their heirs and whether they should directly address the issue on their estate plan. The central goal of estate planning is to protect and preserve family. Estate planning is not fundamentally about the dead and their assets. It is about the legacy left for the living. Tax planning and asset protection strategies should be designed around the central goal of protecting and preserving family. The manner and degree to which the recipient will be affected will vary from person to person. If the goal of protecting and preserving family is combined with the truism that every inheritance will affect the recipient. In both the media and their own lives, clients have observed family conflicts that have erupted over even small inheritances. A pivotal goal for many clients is to reduce the sources that create such conflicts. Because of their wonderful asset protection and tax-avoidance benefits, there has been strong growth in the number of generation-skipping and dynasty trust. There are fine lines between encouraging correct behavior and punishing incorrect behavior. Inherent in this perspective is that values and character count.


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