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Why We Don't Talk About Money
10-21-2003 - Cleveland, OH - The 90-year-old billionaire Cleveland businessman was legendary in his philanthropic generosity. He so enjoyed giving to charities that meant so much to him. But when he died, he gave almost everything to... government.
Money talk may seem almost "dirty" to altruistic philanthropists who want no taint of green associated with their good works, says Richard D. Tanner, a family wealth advisor, president of Ownership Advisors in Cleveland.
"The reasons we see so many inadequate financial plans is not from a lack of good financial, tax and legal help, but rather it stems from not adequately addressing the social, emotional, relational, and spiritual aspects of money and wealth," says Tanner.
According to noted wealth researcher Paul Schervish, 19.3 trillion dollars of wealth will transfer over the next 20 years, and of that amount, about $5 trillion will go to the government for estate taxes and fees. Only $3 trillion will make its way to charity.
Tanner said wealthy families often need help ironing out family problems and issues. "The emotional aspect of family wealth is so personal as to be actually painful, and the struggle over using it philanthropically is just as painful. Being able to actually live --and die-- peaceably with money requires communication between family members".
Tanner recommends a "blueprint" stage in financial planning. To get it mapped out, he facilitates a "Family Wealth Retreat." "We want to help business owners redirect more of their social capital to personal passions and less to the government. We believe we can answer a growing trend among the affluent toward transferring values as much as valuables."
The retreat typically takes both spouses through an intense 22-page question and answer session. Revelations result in a family mission statement or "family wealth letter of intent" that becomes a foundational blueprint for creating a will or other legal communications.
"People want to transfer their values as much as their valuables. They just don't always know how," Tanner says. It's something he believes is missing in most financial plans and is the reason why estate plans leave unpleasant surprises. "Without a written document specifying your family's thoughts and desires, you have nothing to represent why you work, who and what you value, what causes you hold dear, and what you want your legacy to be."
Tanner is a contributing author of "Giving...Philanthropy for Everyone", and routinely helps families and companies settle financial issues through communication, relationship solutions and philanthropic giving. He is an authority on the use of Employee Stock Ownerships (ESOPs) in family held companies, and has written and lectured extensively on the subject.
For more information, contact Richard Tanner at 216-328-5538 or by e-mail at rtanner@ownershipadvisors.com.
Contact:
Richard Tanner
President
Ownership Advisors, Inc.
6100 Oak Tree Blvd., South
Park Center Plaza 1, Ste. 420
Independence, Ohio 44131
Phone: 216-328-5538
E-mail: rtanner@ownershipadvisors.com
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