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Most American's Wealth is Lost by the Third Generation
Published: Wed, 09 Apr 2008, 14:50:58 EDT
A Revolutionary NEW Estate Planning Method Aims to Solve This Widespread Problem
LOS ANGELES, Calif., April 9 (SEND2PRESS NEWSWIRE) -- Loquvam Law, Southern California's premier estate planning law firm asserts that traditional "bare bones" estate planning has focused primarily on what happens after death and usually passes on financial wealth outright with no conditions or safeguards. Today's American families are realizing that these outdated, traditional estate planning methods are failing them and their families, and they are wanting a more holistic approach to deal with today's real life issues.
Those issues include divorce (especially their children's divorces), second marriages after the death of a spouse, creditor concerns and passing on family traditions and values that have been overlooked in traditional estate planning. Any one of these can wipe-out an entire inheritance in one generation.
Loquvam Law, is responding to this need and is changing the way families plan. The estate planning law firm, Loquvam Law, has always focused on protecting families from these real life issues while they are alive, as well as protecting and passing on their clients financial and non-financial assets. Their new method, Legacy Wealth Planning, addresses those same concerns and incorporates a holistic approach to help families build in incentives and conditions on the financial wealth and document their values, wisdom, family history, items with sentimental and emotional importance, and their desires for the future.
"This paradigm shift is a reaction to what families have been trying to safeguard for generations. Unfortunately there has been a lack of focus in the estate planning field that encourages and includes this type of holistic planning," says Joel J. Loquvam of Loquvam Law, a member of The Board of Governors of The American Academy of Estate Planning Attorneys, a national organization committed to excellence in estate planning.
"Historically wealth is squandered within three generations. With the planning options we make available, families are able to protect their heirs from future mistakes by being proactive years, and possibly generations, in advance," says Joel J. Loquvam.
"Our new holistic model is broken into four distinct areas for families to consider about the legacy they will pass on: core values, life experiences, contribution to the community and lastly financial assets," says Joel J. Loquvam. "This new planning method protects their legacy and has a positive 'pay it forward' effect on the family and their community that will also impact future generations for years to come."
The law firm of Loquvam Law devotes its practice exclusively to estate planning matters and has helped thousands of families meet their long-term estate planning goals. For more information about Legacy Wealth Planning and the Loquvam Law and its services, please call (310) 724-7377, or visit www.legacywealthplan.com. Media inquiries on estate planning topics are also welcome.
NEWS SOURCE: Loquvam Law
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REFERENCES: Most American's Wealth is Lost by the Third Generation, Loquvam Law, American Academy of Estate Planning Attorneys, Joel J. Loquvam, estate planning law firm, Legacy Wealth Planning, Apr 9, 2008.
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