Imparting Wisdom with Resources

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Imparting Wisdom with Resources

Wealth Advisory Services

Goldman Sachs Private Wealth Management

Summer 2009

Mr. Madison recently had lunch with an old friend, Mr. Monroe, and, as was common between them, the conversation turned to family matters. Mr. Madison was particularly concerned about family legacy and stewardship issues. As a successful business owner, Madison’s financial and estate plan, though somewhat elaborate, was not at all atypical for an individual with his resources. His liquid investment portfolio was diversified across asset classes and his estate planning documents, all of which were up-to-date, included the use of a will and trusts. Although he was confident that through these documents he would efficiently transfer his tangible and financial wealth, he was concerned that passing these assets to his family, without providing any additional guidance, might not meaningfully enrich their lives. He worried that giving his wealth to heirs who were unprepared for the transfer might actually do more harm than good.

In this article, our Wealth Advisory Services group explains how ethical wills and letters of wishes can help convey the spirit and motives behind an individual’s bequests.


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