Are your Heirs Prepared? Episode 87

The Intangible Balance Sheet Podcast

In the past few episodes, we've walked through several of the different questions that I walked through in the planning process with clients and prospective clients. I use these as an opportunity to gain a better sense of what a particular person or family might want their money to accomplish for them. Everyone has a vision. But not everyone feels emboldened to proclaim that vision. Simply put my reason for being and purpose in this this life is to help others fulfill their calling by helping them harness their financial wealth to their life's purpose. For some folks this can be a scary or intimidating task. Others may think it’s a foregone conclusion, but they haven’t communicated this vision or collaborated with anyone else in their family. See below for more on today's podcast.

• The importance of understanding one's vision and purpose in life and helping others do the same.
• Focus on your heirs. Are they prepared, so that your wealth is an accelerant for good?
• Pass on the first principles, first! Life experiences, and stories are a great starting point. Consider a family history.
• Discussion about planning ahead to avoid unprepared heirs and estate taxes.
• Highlight of the potential changes in estate tax exemption after December 31st, 2025.
• Invest in the lives of heirs through experiences or opportunities.
• Suggestions for supporting charities, helping children or grandchildren purchase small businesses, and investing in professional development.
• Use your wealth as a source which allows your family to build and dream and for the future.
• A personal goal of helping a great-grandchild buy a business.

Music by bensound.com