By Bob Barber
Jesus said, “It is more blessed to give than to receive.” Those who plan to leave an inheritance to their family are happy to know that they will be passing on a financial blessing after they are gone. But is an inheritance always a blessing?
Unfortunately, many inheritances are spent nearly overnight. What took parents years of hard work and discipline to earn and save is spent almost as quickly as it is received. Over the years, I have seen inheritances spent on extravagant vacations, new cars, boats, RV’s, and the list goes on. Standards of living are quickly raised under the delusion of new wealth. Then, when the inheritance is exhausted in a short amount of time, the beneficiary is many times in an even worse financial position than before as they try to continue and maintain a new standard of living that is impossible to fund.
A Corporate Trustee is a possible solution for someone who wants to bless their family members with an inheritance, but they want to make sure it is used according to their predetermined guidelines to ensure wise use by their beneficiary. We now offer these services for our clients through Schwab at very reasonable fees. To find out more, contact the office at 830-609-6986.