We can all agree that family unity is one of the most important parts of life, especially around the holidays! During this special time, it’s common to exchange gifts. While time with family might be challenging on occasion, gift-giving is still a customary way to show care for loved ones.
What’s one of the most important gifts you’ll give to your family? Yes, shirts and socks might be great year-to-year, but what about a long-term gift?
An inheritance is one example of a sustained gift, that can last for years and years. Setting up a well-planned financial legacy may not be everyone’s favorite subject… it feels like it will take a lot of time and effort. However, planning now will yield great benefits and peace of mind for the future.
Why plan now? It helps avoid ‘Paris Hilton Syndrome’.
What does Paris Hilton have to do with it, you might ask?
We cringe when we see what wealthy heirs do with their inheritance money, squandering it with pointless, needless expenditures.
Think about how you would feel, if your granddaughter used your money to ruin her life.
But did you know you can design your financial legacy with incentives?
You can’t control everything your heirs do with the inheritance you give them, but you can design incentives that reward behaviors that you value, like getting an education or starting a business.
A financial incentive is one of the best ways to achieve behavioral changes, pushing people to make smart decisions and take logical actions.
Thankfully, there are a multitude of ways to leave an incentive-based financial legacy to your children and grandchildren, while protecting family unity and discouraging ‘Paris Hilton Syndrome’!
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