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. According to Babette Campbell, Business Management and Family Office Services Director at Armanino LLP, “Understanding the heart of these sensitive family issues is essential. Communication has to be on point to achieve the desired result. It requires trust, honesty and discretion.” Wealthy families with over-privileged children need to consider their assets carefully. Leaving money to a child who suffers from a terrible drug addiction, for instance, could be his or her death sentence.
