She spent money on a home for 60 years on a home she never lived in. She owned condos on 5th Avenue that she didn’t live in for 20 years. When she became ill, she admitted herself to the hospital and care of the medical staff… for the final 20 years of her life.
She chose to live in a hospital room for her final 20 years even though she had 52 acres in California on the Pacific Coast, a home on the water in Connecticut and multiple 5th Avenue apartments. The yearly cost to this lifestyle was $342,000.
A radical portrayal of an inheritor’s life having gone in the wrong direction… radical perhaps from the stand point of size of dollars wasted. (read more of the story here: http://www.fa-mag.com/news/how-to-spend–342-000-a-year-on-mansions-you-never-visit-15479.html?section=66&page=2)
Circumstances and dollar amounts change but the root causes remain the same for all wealthy inheritors.
Money without direction, education, development of the person and sense of self-worth leads inheritor’s to feel: insecure, guilty, and lack self-worth.
Immense wealth can do this fast and lock a person into these feelings for a lifetime… And so can a small amount of inheritance when a lifestyle is not so extravagant.
How will your inheritance plans affect your family? How will they benefit and not be harmed?
Do you know?