It’s Sunday, which means...It’s time for the recap. I’m tying everything together and sharing the most important takeaway from this week’s theme: 

Why Do Family Fortunes Disappear?

In case you missed any episodes, here’s what we covered in each episode this week: 

• Shirtsleeves To Shirtsleeves In 3 Generations...Why? 
• Understanding The Natural Dilution Of Wealth
• The Key Difference In Lasting Wealth: Stewardship vs. Ownership
• Are You Doing More Harm Than Good With Their Inheritance?
• Why Estate Planning Is So Important If You’re A Multi-Millionaire

Here’s the bottom line: I know this may be tough to hear, but if your inheritance is gone by the 3rd generation, much of that is probably your fault. It takes a lot of work to pass along values like hard work, stewardship, money-savvy skills, patience, and delayed gratification to future generations who have become accustomed to living easy, affluent lives because of family wealth. The key to success with assets lasting past the 3rd generation largely comes down to communication, values, and a stewardship mindset. If you’re not confident that your heirs will be able to handle their inherited wealth, the best solution is a well thought out estate plan.

Tomorrow, come on back, because we’re starting a brand new theme: Get Ready For Tax Hikes! How To Plan Now. I’ll talk about some of the current proposals and tax law changes that are likely to be enacted into law as part of the Build Back Better Act, the $3.5 trillion spending bill that will require tax hikes to pay for.

I’ll talk about which changes will likely impact you and how you can take action now to take advantage of the current tax laws before these changes go into effect. 

Thank you so much for listening this week! Please leave a review on Amazon, Apple Podcasts or wherever you listen to podcasts. I really appreciate your feedback, and reviews also help new people discover the show.  

My name is Ashley Micciche and I hope you have a blessed Sunday.

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>>> Visit the podcast page: https://truenorthra.com/podcast/ 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance