But it’s not that simple. After all, many heirs to great fortunes have grown up in such environments and turned out to be diligent, responsible, industrious, and caring individuals. While a person’s upbringing plays a big role in the development of his or her thinking and behavior, over-privilege can be exacerbated when strong systems aren’t in place to curb it, and also by personality. Immediate issues need to be addressed—especially if they present dangers to the child or others. For example, if the child was arrested, lawyers are required to arrange for bail or some other speedy solution. A public relations expert might even be called for. If there’s a way to alleviate damages, it should be evaluated and implemented quickly.
Next, the family takes action to get their over-privileged child help, if needed. Some corrective action should also be taken so the situation does not repeat itself. For example, in the case of drug addiction, the child might go to a rehabilitation center. Sometimes, the families are able to adjust the financials—making it difficult or impossible for the child to access funding when being destructive and harmful. A wealth planning professional should be adept at uncovering your specific needs and goals and bringing the appropriate solutions to the table—either by themselves or via their relationships with expert specialists. They should also explain the pros and cons of each approach. This is where AG Asset Advisory can help. If you find yourself in this situation, reach out to us.
