Here is the definition by Merriam-Webster’s;
1. A : the state or condition of being entitled : right
B : a right to benefits specified especially by law or contract
2. : a government program providing benefits to members of a specified group; also : funds supporting or distributed by such a program
3: belief that one is deserving of or entitled to certain privileges
Here is the definition provided by a client shared by one of our advisors,
“Whatever I made during my lifetime, my children told me that they are entitled to it when I die.”
And that’s the truth.
Sad to say but we have created a sense of entitlement for our heirs and we have not heard the last of it. Advanced estate planning and business succession planning bring out the best and the worst in families. Divisions amongst family members can come at a time when planning needs are at their greatest. Overcoming this obstacle is a grand feat for anyone but there is hope.
Helping clients recognize early on that they can do something productive to ward off the entitlement issue can enhance and strengthen the client advisor relationship. It can also give clients a peace of mind knowing that there is a process that can help them navigate through difficult conversations.
A word of warning; the entitlement generation is not limited to the “Y”s. The economy has expanded it to the early age boomers and “X”ers as well.
Filed under: Advanced Estate Planning, advanced tax planning, Business Succession Planning, Business Transition Planning, Estate Planinng, High Net Worth | Tagged: Advanced Estate Planning, Business Succession Planning, Business Transition Planning, Entitlement Issues for Heirs, estate planning, Inheritance, Legacy Planning | Leave a Comment »