Advisors Magazine: Preparing Your Heirs For Wealth Transfers

Leland was recently featured in Advisors Magazine’s article discussing family preparation for wealth transfers. You can read the full article at the link below, but here is his excerpt!

Leland Gross, CFP®, the founder and CEO of PeaceLink Financial Planning LLC in Virginia Beach, VA offers similar advice. All too often, maintains Gross, heirs are unprepared regarding practical matters and as a result, important issues can fall through the cracks.

“In the US there is approximately $7.4 billion in unclaimed life insurance policies because beneficiaries didn’t know the policy existed so they wouldn’t know to claim their benefit,” says Gross. “Additionally, 15% of siblings have fought over their inheritance, and 33% of them have lost their relationships with siblings over these disputes.”

Consequently, says Gross, “It is important that families learn how to engage with these conversations and find a way to stay informed on the family finances. If parents do not feel comfortable talking to their kids, I have them complete a financial guide, dictating where their insurances, investments, loans, will, safety deposit boxes, etc., are held, along with key contacts like a CFP, CPA, or lawyer. I keep a copy, I have the client keep a copy, and we give a copy to their children.”

https://www.advisorsmagazine.com/trending/23922-preparing-your-heirs-for-wealth-transfers