Your Daughter Becomes an Heiress
You probably don't think of yourself as a wealthy guy — no membership in an exclusive club, no bank accounts in Switzerland or the Cayman Islands, no household staff or a “gentleman’s gentleman.” You underestimate yourself.
Although the recession has eaten up some of your investments, if you own a home, have a little set aside for a rainy day, and have shown the good sense to keep your credit cards in your wallet, you have laid the foundations for wealth. If you have insurance policies and other assets, you have amassed more fortune than you realize. And let’s throw a few other considerations into the mix: let’s suppose, for example, you own your own business, and you have a wealth of family heirlooms—the real deal, not just sentimental old stuff. What the heck: let’s throw in the wife’s jewelry and all of your beloved power tools. Even if you’re currently singing’ the got-no-cash blues, you have constructed a pretty respectable estate.
Now, acknowledging your considerable riches, ask yourself: To whom will I leave these treasures? Who rightfully ought to inherit the nearly priceless family heirlooms—the Williamsburg rocker, the signed original complete works of Charles Dickens and the photo of your father with President Kennedy? Who is qualified to take care of the Skilsaw with which you built the dog’s house and who deserves to wear the box full of more-than-trinkets you have been given for forty or so anniversaries, Valentine’s Days, and birthdays?
If you don’t decide and write it down, the state will decide for you, and your heirs will feel somewhat less than grateful.
Plan your estate and the transmission of your wealth from one generation to the next. Get an attorney’s assistance with estate planning. Ask the attorney about “Family Trusts” and instruments for sheltering your loved ones from estate taxes. Learn about probate laws and learn the rights and responsibilities of an executor. Find out all about how to keep building your wealth while you continue working, and find out how to preserve it when you pass from this life to the next.
Most of all, think how much your daughter will relish telling her lunch area buddies and all the cheerleaders, “I’m an heiress, you know.” That alone is priceless.
