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Trending — FORBES | Financial Concerns When The Wealthy Will Regularly Be Living Past 100

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By Russ

“It’s fairly common for the individuals who created the family fortune to want to control it as long as they can,” says James Dougherty, an internationally recognized estate planning and estate litigation attorney at Withers Bergman, “There are a number of very good reasons for them thinking this way including the fact that they’re usually astute business people. However, depending on how the wealth is structured and the capabilities of the heirs, it sometimes makes more sense to take steps while alive to inform and prepare heirs as to the timing and ways the wealth will be transferred especially when the inheritors are in their 40s and 50s or older. In a way, transferring wealth sooner gives more control over the future to the senior generation because it gives it a preview into how the next generation will act as a steward of the family fortune and whether their existing estate plan is sufficient given the next generation’s behavior.”



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