Estate Planning in Action
June 3, 2010
“How we helped Mitchell protect his $4,000,000.00 inheritance from a line of unscrupulous Gold Diggers willing to cheat him out of his money & future!”
When Mitchell was 10, his father passed away suddenly.
Like all good fathers, his father had provided for Mitchell and left the bulk of his estate to Mitchell.
So at the age of 18, Mitchell inherited $4,000,000.00!
Now if there is one thing sillier than an 18-year old male, it’s an 18- year old male with $4,000,000.00 to spend!
When Mitchell came to me for advice, oh and with a very long shopping list, amongst which was a skateboard shop for $1,000,000.00 I asked why he was thinking of this?
His reply was that he really loved skateboarding. I pointed out that he had not finished high school and his retail experience was limited to flipping burgers in a fast food chain and thankfully logic won over.
How we help solve Mitchell’s biggest issue…
The core issue here is Mitchell was an easy target for those looking to help separate him from his money. Sadly the girls now found him interesting and our skateboard shop owner left a bit to be desired. Mitchell also had a really nice car – but no license.
Mitchell needed to have his assets protected so that they were safe from gold diggers, and in reality he probably should have had to wait a bit longer to get access to the capital.
The result and action… a session with a good estate planning lawyer and a good wealth management adviser has given Mitchell a portfolio that provides him with his living expenses and access to the capital when he is more responsible. In reality, this really needed to be done by his dad, before he passed away.
If you were gone tomorrow would your partner or children have the skills to handle an inheritance or know who gets what?
Have you thought about the effects on your partner or children of giving them a large sum of money before they are equipped to handle it and without good advisers guiding them on their journey throughout life?
What you can do today…
If you think it can’t happen to you, it can! Go home, review your estate planning needs, give your kids a hug and work out what they would do if you were no longer here.
Then speak to a professional about protecting your assets and estate no matter how big or small so your kid’s partner and estate is protected from unscrupulous gold diggers.
Until the next article, best wishes
Paul Bronson
BCom MBA Dip FS(FP) AFPA
Bronson Financial Services Pty Ltd
“The Family Wealth Generation, Wealth Protection And Your Family Incorporated Chief Financial Officer Services.”
Please Note:
This publication has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, you need to consider (with or without the assistance of an adviser) whether this information is appropriate to your needs, objectives and circumstances. This information is provided for persons in Australia only and is not provided for the use of any person who is in any other country.
