Lifetime Income Series: Roy Williams and Amy Castoro on the Successful Transition of Family Wealth and Values

Jim welcomes Roy Williams and Amy Castoro of The Williams Group. Roy is the co-author of Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values. The overwhelming majority of estate-planning attorneys get it right when helping families determine how to transfer assets to heirs, says Williams, but that doesn't address the bigger picture of family trust and communication. Without family harmony, the assets won't last long. Roy and Amy address the major causes for the 70% failure rate in estate transitions, which lie within the family itself and are within the family's control. They discuss their step-by-step process in teaching family members the necessary skills to transfer wealth successfully to the next generation. The best ways for families to sustain wealth, Williams says, is to determine the values and the larger purpose for the wealth as a family. Then build the estate plan and determine the roles needed within the family for the long term. Otherwise, notes Williams, how will the heirs know what roles they can play if they don't know what's needed?

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