Gerald Grant Jr. and Gerald Grant III are some of the best financial advisors in Miami and coauthors of a new book about building generational wealth.
In order to keep young adults with access to an inheritance from squandering it, the advisors suggest setting up a trust fund with incentives.
But Gerald Grant Jr. and Gerald Grant III, father-son financial advisors at Equitable Advisors in Miami, say there's a "fine line" between handing down too much money and just enough.
Parents can assign incentives to a trustTo help their clients get it right, Grant Jr. and Grant III told Business Insider that they advise setting up a trust fund with incentives.
As Grant Jr. and Grant III analogize, giving your heirs the keys to an expensive new car without teaching them how to drive it and maintain it well is a mistake waiting to happen.
Persons:
Gerald Grant Jr, Gerald Grant III, —, Grant Jr, Grant III, Grant, Grant III analogize
Organizations:
Finance, Service, Equitable Advisors, Grant III, Business
Locations:
Miami, squandering