Tuesday, June 24, 2014
An annual wealth survey by U.S. Trust highlights the biggest risks to family wealth. The biggest risks come in the form of unexpected and major changes to the family, such as divorce, family feuds over inheritance, and sudden death of the primary source of income for the family. Here are some of the takeaways from the survey:
- Female income earners need to find a healthy work-life balance. Women who are the primary or equal income earner are often also caring for the family and it is important that they find a healthy balance and make smart financial decisions despite doing double duty.
- Know when to say no. The majority of individuals in the survey helped support family members, and over half of those individuals suffered financially as a result.
- Families need to plan for how ageing family members will be cared for. Very few wealthy individuals, only 1% according to the survey, have a plan for how to cover the cost of elder care for their parents.
See Ashlea Ebeling, U.S. Trust Cites Top 5 Risks to Family Wealth, Forbes, June 20, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.