In the latest installment of The Impact Report, Eric and Ryan examine successful family businesses and the critical wealth planning mistakes they are making on a regular basis.

Running a successful family business takes a tremendous amount of working hard and working smart, while navigating family dynamics along the way. This is no easy task, which is why even the most successful family business neglect to fine-tune their wealth planning strategies periodically. This allows for mistakes to creep into the picture.

Listen as Eric taps into his experience and outlines each of these pivotal mistakes! This episode is bound to leave you with clear insights to consider for your own family business.

Timecodes:

0:06 - Introduction and overview on the topic of the day

2:08 - The need for wealth planning within a family business

3:37 - The level of risk for mistakes that pops up within family businesses

5:35 - Finding the right wealth manager for a given family

6:55 - Hyper-focusing on the issue of mitigating taxes

9:45 - Being secretive about their wealth planning

12:04 - Failing to keep your wealth planning accurate and up to date

13:24 - What a family can do to make sure their plan is no longer outdated

15:10 - Viewing the sale of the family business as a negative thing

18:00 - How to get in touch with Eric and his team

19:33 - Closing remarks

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Affluent families and individuals often have so many things on their plate, that it's easy to overlook issues with one of their largest assets: their homes. And since our homes are important to our financial security, as well as our personal sense of stability with everything going on in the world right now, we need to make sure we're taking the proper precautions to mitigate any levels of risk.

In the latest installment of The Impact Report, Eric and Ryan identify the five biggest mistakes affluent homeowners are making today.

From failing to have enough liability insurance, to failing to adequately address a home's unique features or construction, this episode is bound to leave you with some key takeaways to consider with your own home!

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:45 - Why it makes sense for homeowners to do a financial check up on their homes

2:30 - The five most prevalent mistakes homeowners are making today

3:25 - Failing to have enough liability insurance coverage

4:50 - How to tell if you have a lack of adequate coverage

5:27 - Owning multiple properties and the issues on this front

6:38 - Failing to list trusts or LLC's on a homeowners insurance policy

7:52 - Listing a home's unique architecture or materials

8:54 - Listing your high-value collections and artifacts

10:15 - What your wealth manager can do to help a given homeowner

11:30 - How you can get in touch with Eric's team to discuss this topic further

12:40 - Closing remarks

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Are your heirs ready to deal with the wealth you may be planning to pass on to them someday? It's an unfortunate fact that inheritors often struggle with their windfalls in ways that can be hazardous to their wealth.

On the fourth installment of The Impact Report, Eric Lawton unpacks the complex world of inheritances and the variety of internal and external conflicts that arise throughout this process.

Listen as Eric outlines how his affluent clients prepare their heirs for the inheritance and why we can all take a page out of their playbook on this topic.

Timecodes:

0:06 - Introduction and overview on today's topic

2:00 - Inheritances can be a double-edged sword

2:56 - The internal and external conflicts facing heirs

4:02 - What can be done to help heirs prepare for the transfer of wealth

5:15 - What successful families are doing to adequately prepare their heirs

6:50 - Where to begin?

9:50 - An approach that may be more appealing to educating heirs

12:01 - Additional considerations when the transfer of wealth is involved

13:30 - This is a universally applicable strategy

15:20 - How you can get in touch with Eric's team to learn more

16:25 - Closing remarks

Connect with Eric Lawton:

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