Dr. Allen Siegel on Legacy Decisions

As technology, industry, and communications have opened up Jules Verne-like opportunities in the last century or so, some families are experiencing prosperity beyond what was ever imagined. The tried-and-true foundations of happy families, such as rituals, emotional support, and healthy interaction, may have gotten sidetracked. The question often arises, however, for successful parents with no personal point of reference, “What is the right amount to leave our children?”

Based on the desire for one’s progeny to live a happy and fulfilled life with little suffering, parents with wealth are faced with how to show love and support without creating a circumstance that could be ultimately harmful. Perhaps Warren Buffett put it best when he said, “The perfect amount to leave children is enough so they would feel they could do anything, but not so much that they could do nothing.”

About Dr. Siegel:
Dr. Allen Siegel specializes in helping business family legacy decisions, family-managed businesses, psychological preparation for retirement, and more, at The Nautilos Group. His offices are in Chicago; an in-depth exploration of this article’s subject can be seen at his website, http://www.NautilosGroup.com, in the White Papers section.