Lions hear from San Cap Trust Company vice president
Steve Greenstein, executive vice president of The Sanibel Captiva Trust Company, spoke via Zoom at the November meeting of the Sanibel Captiva Lions Club. The topic of his talk was “How to Talk to Your Heirs About Managing Inherited Wealth.”
Greenstein stressed the power of communication to reduce potential family disputes and hard feelings when the estate is settled. Studies show that over 80 percent of family members felt they were fairly treated when they received advanced communication on the estate plan. Greenstein indicated that there are three paths people seem to follow in discussing estate plans: not at all, a little bit goes a long way, and tell all.
A frank discussion with heirs gives parents and children an opportunity to discuss how personal and financial assets should be distributed. Who wants the silverware and china? Who wants the artwork Why did you collect all those match book covers, why they are valuable and how you would like them distributed? Why do you plan to leave different amounts of assets to different members of the family?
Greenstein explained that fair does not necessarily mean equal. The needs of one child may be greater than the needs of another. An open discussion of the issues will help both parents and heirs understand and accept the distribution.
He suggested that there should be a meeting with mother, father, daughter and son. The meeting should also include any trust officers and the estate attorney. It will give all parties involved a chance to meet each other, review the estate plan, and receive a fuller understanding of the nature of any trust documents and how the assets are to flow after the parents are deceased.
The Sanibel Captiva Lions Club holds regular dinner meetings on the first and third Wednesdays of each month throughout the year. Visiting Lions or other interested people are welcome to attend.
For more information about the Sanibel Captiva Lions Club, contact Membership Chair Steven Schulz at P.O. Box 391, Sanibel, FL 33957, or 239-233-6261, or visit www.sanibelcaptivalionsclub.org.