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Sometimes our perceptions are formed by the words that are chosen. An example is the renaming of the estate tax as the “death tax,” which had the impact of reframing the whole argument to the advantage of those advocating for the repeal of the estate tax. Who doesn’t agree that you should not be taxed for dying? Similarly, I believe that if families think of family wealth in terms of private capital rather than inheritance, it forms a different perception and reframes the discussion.
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Most wealth creators possess a high degree of self-efficacy. They believe deeply that if all their wealth were suddenly taken away, they would be able to build it all back again. They have a high degree of confidence in their ability to make it through life without reliance on anyone or anything. And, as Exhibit A, they have their Dickens-like story of rags to riches. It is the classic hero’s journey. Striking out on their own, facing overwhelming obstacles, and emerging victorious with the result of wealth well in excess of their needs and wants occurring almost as a byproduct and typically not the goal. Therefore, when we have discussions about family wealth, often the concerns are that too much wealth will be transferred to their children or grandchildren... (continue reading full article)
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Our thanks to Mark J. Richards & The Madison Group.
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About The Madison Group
The Madison Group is one of the largest independent financial firms in the U.S. dedicated to comprehensive wealth preservation since 1968. We specialize in providing affluent families, business owners and executives with unique, tax-efficient wealth transfer and business continuity strategies. We value solutions that have simplicity at their heart and are manageable across generations.
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Please stay safe and healthy,
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About Family Enterprise USA
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