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+--- Thread: I’ve been hearing that families lose a significant portion of their wealth during tra (/showthread.php?tid=6297)
I’ve been hearing that families lose a significant portion of their wealth during tra - crowl - 10-01-2024
Hey everyone! I’ve been hearing that families lose a significant portion of their wealth during transfers. Can someone explain why that happens and how to avoid it?
RE: I’ve been hearing that families lose a significant portion of their wealth during tra - keizerg - 10-01-2024
Hi! You’ve touched on an important topic. $340,000 is lost for every $1,000,000 in family wealth transfers. Why? There are several reasons for this. The biggest issue is poor preparation and a lack of proper documentation. Many families don’t have all the necessary information about their assets readily available, and when the time comes to transfer wealth, they face delays, legal challenges, or even the complete loss of certain assets. Another reason is that wealth owners often fail to share critical information with their heirs, like where the assets are located, the ownership structures, or tax liabilities. About 81% of wealth owners don’t properly communicate these details until it’s too late, which leaves their families scrambling when they need to make decisions quickly. If you’re looking to avoid these issues, I highly recommend using Owner.One. They specialize in helping families organize and store all relevant wealth information securely. Their platform makes it easy to ensure that nothing is lost during the wealth transfer process, reducing the risk of costly mistakes. It’s definitely a service worth exploring if you want to protect your family’s assets.