“Atlas through hard constraint upholds the wide heaven with unwearying head and arms.” – Hesiod
There’s an often-quoted maxim regarding inherited wealth: “The first generation makes it; the second generation builds it; the third generation blows it.” Indeed, uncertainties around the next generation’s ability to exercise wise stewardship of family wealth have led to the drafting of many a trust document, many clauses in wills, and much misgiving in those who created or built the legacy that will be entrusted to those who may or may not be ready.
During this holiday season, you may have some anticipated plans to spend quality time with your loved ones. The last thing that may be on your mind is discussing finances and your future care needs with your family over dinner. But the togetherness that the holidays bring could be a good opportunity to introduce them to important aspects of your financial life, as well as theirs in the future.
Whether you are just starting out in ophthalmology or own your own practice, it is never too early (or late) to consider your risk management plan.
No two people are alike, and no two families are alike. More and more often, families are being created and shaped in nontraditional ways and continue to change the way we think of families, such as single-parent families, blended families, same-sex households and children as caregivers for aging parents. In a way, nontraditional families are more the norm than the exception.
As more and more boomers reach retirement age, trillions of dollars in family wealth are going to be transferred from older to younger generations. But many heirs (and their advisors) are not prepared.
There are several issues that should be addressed quickly whether your expected windfall is from an inheritance, a business sale, a large bonus, or winning the lottery. Below, we share five crucial steps:
John has made strides in his career so far as an anesthesiologist. To date, he has only worked as an employee of a group practice affiliated with a hospital system. Now he has enough experience and financial flexibility to consider pursuing his own independent practice.
John makes a good living as an anesthesiologist, earning more than $300,000 a year. His wages are the main source of income for his family of five.
John is an anesthesiologist. He has worked long and sometimes stressful hours for many years and has reaped the rewards of his profession, often earning more than $300,000 in a year during his career.
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