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.
A long-term strategy should be created to help over-privileged children become stable, well-functioning, capable adults. This is not to say that they won’t make mistakes ever again. The aim is to help them avoid repeating harmful behaviors. Part of the solution may be to control their access to family money until they are able to make financial (and other) decisions maturely. Managing the over-privileged children and the challenges they present can be complex—various experts may be needed throughout the process. We see an expanding set of professionals these days who are focused on helping wealthy families deal with problems when they arise. Psychiatrists, psychologists, clinical social workers, family consultants, family business consultants, and life coaches can all be valuable resources.
