Actor Daniel Craig has some very specific plans for the fortune he has amassed playing James Bond. In an interview with Candis Magazine, he said that he finds large inheritances “distasteful,” and doesn’t want to leave a lot of money to his children.
“Isn’t there an old adage that if you die a rich person, you’ve failed?” Craig said in the interview. “My philosophy is get rid of it or give it away before you go.”
Craig’s financial advisors and estate planning attorneys will face a significant challenge as they assist Craig with this plan. However, this is not a unique situation. Many high net worth families want to do something with their wealth other than leaving it to the next generation.
Not An Unusual Idea
As Craig noted in the same interview, “I think Andrew Carnegie gave away what in today’s money would be about $11 billion, which shows how rich he was because I’ll bet he kept some of it, too.”
A more modern example of this philosophy comes from investor Warren Buffett, who wrote in one of his famous notes to shareholders, “After much observation of super-wealthy families, here’s my recommendation: Leave the children enough so that they can do anything, but not enough that they can do nothing.”
As estate planning attorneys in the Brandon, Mississippi area, the Palmer & Slay team assists high net worth families with their philanthropic endeavors while ensuring their wishes regarding wealth transfer to the next generation are also respected.
Crafting Estate Plans That Help Our Clients Reach Their Goals
We work with our clients to identify their specific goals, then craft a plan that suits their needs.
Giving to worthy causes can be done in many different ways. Our experienced team of attorneys can outline the pros and cons of immediate gifts, deferred giving, and for large estates, setting up a family foundation. It may well be that a combination of these tactics is needed to meet a family’s philanthropic goals.
We can also make sure that the next generation is well cared for, but not overwhelmed by the wealth they inherit. Many families do this by setting up trusts that distribute funds for specific needs but hold on to the principle until certain conditions are met. The most common condition is a beneficiary reaching a certain age where it can be assumed that he or she will have established themselves. Specifying other conditions is possible, but may come with risks.
Another tactic our team has had great success with is involving the next generation with the family’s philanthropy from a young age. Allowing them to get hands-on experience with wealth management, while learning to value giving back pays dividends.
Preserving Your Wealth. Protecting Your Loved Ones.
Palmer & Slay’s experienced team of attorneys helps families in the Brandon, Mississippi area and beyond with all of their estate planning needs. No two families are alike, and neither are the custom estate plans we craft. Whether you are looking for something that is straight up, or shaken not stirred, we are ready to assist you. Please contact us today to schedule a meeting.