Having Too Much Money Can Ruin Your Family’s Life
Here’s a slap for all those folks out there who are expecting an inheritance.
I’m sure everyone watching this video has either been involved in a fight or lawsuit about an inheritance or has watched one unfold. These things get really ugly and can destroy families.
Most of you know I grew up a poor kid, so inheriting money was never a problem for me or my five siblings. In fact, when we were very young, our mother used to tell us we were lucky not to have any money because it caused so much pain and trouble in the world.
And I would think, “Yeah, but they have cars and a telephone!” Anyway…
I know of one case where the family split down the middle over a picture. Everyone got their equal share of the cash, but there was a picture both sides wanted. Only one got it.
Twenty years later, the schism is still there. The opposing sides do not speak to each other.
Another case I have been watching has dragged on for years because one side is convinced there are millions hidden somewhere that they’re entitled to own. There isn’t any hidden money, of course, but the legal bills keep piling up anyway.
The research tells us the folks who worked hard and saved, and accumulated a big pile of money to leave to their kids or the next generation, aren’t doing their heirs any favors.
If you weren’t already aware, inheriting big money (money you don’t earn) doesn’t make life better. In too many cases, it ruins lives.
And the small percentage of affluent boomers will be making the largest transfer of wealth in history to their heirs. I have seen numbers from $20 trillion to $40 trillion. That will create a lot of arguments and even more lawsuits.
Once you’re gone, no matter how well you’ve planned, there isn’t much you can do about how your final directive is handled. Even trusts don’t guarantee a smooth transition.
Well, until now.
I’m calling it the “no lawsuits, no fights” clause. And it goes like this…
If after my death, there is one lawsuit about who gets what, if my final instructions are questioned in any way, if there is one fight about my stuff, my money or who I said should get what… all of the complainer’s share will immediately be transferred to charity. All of it!
Now, I don’t know how well this will hold up in court, but wouldn’t you love to be in the room when that kind of clause is read to heirs? Especially in the cases where the opposing camps have already formed and lawyers have taken over.
God, how great is this idea? I wish I could be there to enjoy the expressions on their faces.