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Growing up wealthy: concerns regarding asset transfer, inheritances

Maybe you've got what you regard as relatively modest holdings, which you have worked long and hard for. You want to ensure that your assets are smartly handled in your estate plan, and in a manner that best promotes the interests and well-being of future generations.

Or perhaps you're possessed of flatly outsized wealth, as is the case with several interviewees in a recent national news report focused on special estate planning considerations of truly well-heeled individuals. No third party would reasonably regard your financial bottom line as being "modest." Indeed, it might include several palatial homes, a private jet, a booming business and investment vehicles holding hundreds of millions of dollars.

Regardless of your estate particulars, though, notes the Washington Post, one thing likely rings true, whether you're truly deep-pocketed or an estate planner with a comparatively humble legacy and assets to pass along: You care deeply about your children in terms of your estate plan and how it will affect them.

As for the ultra-wealthy, an oft-expressed concern involving future generations revolves around a fine balance that needs to be achieved between family members' due appreciation for the vast wealth and related privilege they command and the need to stay grounded and motivated.

Put more succinctly: In considering inheritors, many wealth creators worry that too much wealth at the fingertips can dull personal drive and the desire to forge meaningful lives.

In other words, eye-popping assets can spell something of a double-edged sword that needs to be acknowledged and smartly planned for.

An experienced estate administration attorney that routinely works with high-asset clients can be an ally in that process, helping planners identify and implement sound strategies that optimally promote family interests both presently and over the long term.

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