Jillyn Hess-Verdon, who leads Frost Brown Todd’s Family Office practice, was quoted by USA Today, where she underscores the vital importance of proactive communication and thoughtful planning to ensure inherited wealth empowers future generations rather than becoming a burden.
“Money and wealth can hurt beneficiaries in numerous ways, but the [opportunities] to help them are just as vast,” she says, highlighting the dual potential of inherited wealth.
Hess-Verdon also addresses the often-sensitive issue of initiating wealth transfer conversations within families. When givers are hesitant to discuss financial matters, she recommends that heirs frame the conversation thoughtfully, using their own planning as a bridge.
“A responsible family member, who is in the process of setting up their own estate plan and has an upcoming meeting with an attorney, can often ask the parent for their advice in making these decisions, and the parent will often relay the important plan that they set up with their attorney as an example,” she explains.