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061: Keys to a Successful Transfer of Wealth

Absolute Trust Talk

Release Date: 04/07/2021

065: Diablo Valley Foundation for the Aging: A Valuable Community Resource show art 065: Diablo Valley Foundation for the Aging: A Valuable Community Resource

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061: Keys to a Successful Transfer of Wealth show art 061: Keys to a Successful Transfer of Wealth

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In this Absolute Trust Talk episode, Kirsten sits down with Richard Del Monte of the Del Monte Group to discuss the underlying reasons why wealth transitions so often fail. They also look at the tools and processes he recommends for families who want to avoid that fate. With more than 35 years of experience, Richard excels in guiding clients through challenging life transitions and finding ways to make seemingly out-of-reach financial goals become a reality.

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056: 5 Mistakes to Avoid When Moving Senior Parents  show art 056: 5 Mistakes to Avoid When Moving Senior Parents

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In a new episode of Absolute Trust Talk Live, we are thrilled to welcome Seniors Real Estate Specialist Dayna Wilson of Keller Williams. Dayna and her team have over a decade of experience providing comprehensive senior-friendly transition services, handling virtually every facet of the process. Today, she dives into what that process looks like, why and how to start planning now, tips on communicating with parents, and strategies for a successful move.

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Unfortunately, many today see money as a solution to problems, but that is not always the case. In fact, wealth can be quite damaging to a family dynamic. Planning, in this instance, is vital. When family members have prepared and have learned how to work together, that’s when wealth and inheritance can be used as a tool to benefit a family for generations to come.

In this Absolute Trust Talk episode, Kirsten sits down with Richard Del Monte of the Del Monte Group to discuss the underlying reasons why wealth transitions so often fail. They also look at the tools and processes he recommends for families who want to avoid that fate. With more than 35 years of experience as a Certified Financial Planner and Certified Wealth Consultant, Richard excels in guiding clients through challenging life transitions and finding ways to make seemingly out-of-reach financial goals become a reality. This is an episode not to be missed.

Big Three from Episode #061:

  1. Teach your heirs ahead of time how to handle wealth successfully.
  2. Communication and conflict management is KEY to building a solid family foundation, especially for when the older generations are no longer around.
  3. Have the family find a shared purpose for using their wealth as a tool.

Time-stamped Show Notes:

5:57 – How often do these wealth transfers fail?

6:41 – What do these failures look like?

8:19 – Richard shares eye-opening statistics about what causes wealth loss from generation to generation.

9:32 – When do families get in touch with Richard? How does he get involved?

12:37 – What does Richard’s process look like when working with clients?

13:22 – What happens when we think we’re right.

16:00 – Richard shares so examples of unprepared heirs and how to change that situation.

22:02 – Kirsten and Richard share a couple of his tools for getting a family to work as one.

27:09 – What do parents need to do to help their children grow up with a work ethic?

29:43 – This is Richard’s process to encourage someone to attend a meeting if they don’t want to.

30:50 – What is the first step in implementing these types of techniques with full-grown siblings?

FREE BOOK OFFER:

Did you know that when wealth is transferred from one generation to the next, 70% of the time, that generation loses the wealth by the end of their lifetime? That’s HUGE. How does that happen? Unprepared heirs and lack of family connection and communication.

Wealth can damage relationships and cause rifts within a family that have devastating consequences for all. To help you dive deeper into this topic and build a better plan for the future, Absolute Trust Talk guest, Richard Del Monte, is offering a FREE copy of his book “Endless Inheritance.” This book will help you avoid discord, conflict and create fulfillment and harmony, ensuring your wealth will live on. To order your free book, you can call the Absolute Trust Counsel office at 949.943.2740 or email us at [email protected].

[Ad] Estate planning is vital to ensure that you and your family are protected and prepared throughout your later years of life and beyond. Please don’t wait until it’s too late. Schedule a free discovery call today, and we’ll review your case to make sure all your needs are met.