Far too often high-net-worth clients fail to develop a clear plan for their assets once they are gone, creating potential conflicts and headaches for their heirs. Their children might fight over the vacation home, with one looking to sell it and the other insisting that it’s a treasured piece of patrimony. Or parents may choose to leave more assets to one child instead of another, but the children don’t find out until the parents have passed on, resulting in bitterness between siblings.
Financial advisors are in a unique position to help their clients avoid these conflicts, that is, if they can find a way to broach the subject, says Bob Mauterstock, a financial advisor and author of Can We Talk, A Financial Guide for Babyboomers Assisting Their Elderly Parents.
Register or login for access to this item and much more
All On Wall Street content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access