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An astounding 70 percent of wealthy families lose their money by the second generation, and an overwhelming 90 percent of these families lose it by the third. Are you making decisions that will ensure the wealth you created will last?
The easiest and cheapest way to safeguard your wealth may also be the most difficult: communication. Include your children on discussions with your lawyer about your family’s wealth; let them know ahead of time what they will be receiving in the will and encourage prenuptial agreements.
Discussing your money should never be uncomfortable – your future generations will be the beneficiaries.
– Harmon Caldwell, Jr., Caldwell, Propst & DeLoach