Count the Costs… and Beat the Odds
What is failure? While it is different things to different people, one definition of failure for the affluent could be “the involuntary loss of control of assets.”
You’ve worked your whole life for the success you now enjoy; and yet, odds are your wealth will NOT endure past your grandchildren’s generation—and ultimately, your estate will be a “failure” in this sense.
Joe Robbie was the owner of the Miami Dolphins and the Dolphins stadium. After his death, the family was forced to sell assets, including the team and the stadium, to pay the estate tax, which was due within nine months of his passing.
Robbie’s family publicly incurred hardship and conflict to the point that one heir reportedly said, “My dad’s planning was so bad that it caused friction between my sister and me.”
Dade County Circuit Court Judge Ronald Friedman added, “As much as Mr. Robbie produced for his children, I’m sure he’s turning in his grave.”
This story illustrates the two types of costs of failure in planning: First, there are taxes and fees upon your death that few people even know exist; and secondly (and more disturbing), the cost of improper planning is exponentially devastating, as it can lead to the breakdown of your family and a diminished legacy.
Getting different results requires a different approach to wealth planning. Talk to an expert today who can show you how to count the costs and beat the odds so that can live the rest of your days knowing your legacy will remain intact for generations to come.
Wealth is more than money. Don’t just plan for your future, live it right now. Pass it on and share the insights like this that you find valuable.
“Don’t begin until you count the cost.”