6 Jul 2012

Transferring wealth to the kids

When it comes to kids growing up in a wealthy household, most might assume the children are on easy street. Yet there are many challenges a wealthy parent must face when it comes to raising their kids, and this stress can often cause family problems, according to The Globe and Mail.

Franco Lombardo, who works with high net-worth families on a regular basis, recently published the book "The Great White Elephant: Why Rich Kids Hate Their Parents." In the book, Lombardo discusses the reasons wealthy families can often become fractured. Parents want their kids to become financially secure, but if they give the child everything on a silver platter it can destroy their drive and ambition. Alternatively, holding too much back can make the child feel uncared for. It only gets more complicated with siblings and other relatives thrown into the mix.

"Under the table in most families resides a great white elephant – the unresolved, the 'undiscussable' issues, the skeletons in the closet – that the family wants to avoid, because they don't want to deal with them, or they're too painful," Lombardo told the news source.

One solution may be to hold some of the family's possessions in a self storage facility for a later date. This way, the items are not destroyed but can be given to the kids when the parents deem it appropriate.

Self storage can be a smart way to hang on to valuable items without taking up room in a house or apartment. For Toronto storage solutions, there's no better than Jiffy Self Storage. Those interested in self storage should check out the affordable rates on Jiffy's website, where they can also enter to win a free iPad 3.

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