• Bio

Manya Deva Natan

Manya Deva Natan is a California Bar Certified attorney with the law firm of SSS Legal & Consultancy Services located in Calabasas, CA. Her practice focuses on International Estates, Trusts and Estates, Asset Protection, Trust Administration, and more. Manya received her law degree from Stanford University, as well as a Master's in International Affairs from Columbia University. She has completed extensive course-work and training in the areas of mental, physical, and emotional health, including being a published author. She is the founder of two publishing-based companies related to health and wellness and has particular interest in the legal and financial components of health and their importance in integrated health. She has appeared multiple times on Good Morning America and is regularly contacted by national media outlets for commentary.

Most people who amass wealth do not do it so that their heirs can squander it. However, that is what happens in most cases. One way to help prevent this from happening to your wealth is to leave your family with an intellectual inheritance.
In “Preparing for Inheritance: How to Avoid Losing It All,” Barron’s points out that 70% of a family’s wealth is lost in the second generation and 90% of the wealth is lost in the third generation after an initial inheritance.
What typically happens is that the first generation works hard to amass wealth and the second generation lives off the wealth instead of working hard to make more. The third generation continues where the second left off until nothing is left of the original fortune.
Of course, this is not true for all families.
Some wealthy families continue to amass wealth generation after generation. The article points out how this occurs: the families that continue to thrive leave an “intellectual inheritance” for heirs.
Consequently, they educate their heirs about the family’s legacy and values. They have conversations with their heirs about how the wealth was generated and why it is so important that it be maintained through continued hard work.
Think about this when you are creating your own estate plan.
It is not enough to have an airtight estate plan drawn up by a professional. If you really want that estate plan to be a legacy for future generations of your family, then educate your heirs and also leave them an intellectual inheritance.
Reference: Barron’s  “Preparing for Inheritance: How to Avoid Losing It All”
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