Conference Call: 10 Ways to Prevent Affluenza

Affluenza: “An Ounce of Prevention Is Better than a Pound of Cure”

According to American author Mignon McLaughlin, “There are a handful of people whom money won’t spoil….” Do you think your children are among them? From over 25 years working with wealthy families, we’ve learned that older generations must be intentional to guard against the development of affluenza in children of all ages. As with lottery winners and athletes who often squander significant sums of cash, children who see an influx of assets may mishandle what they have been given without proper preparation.

The term “affluenza”, also known as sudden wealth syndrome, is a portmanteau of the words “affluence” and “influenza.” It is typically characterized by a lack of motivation or a sense of entitlement among those who have inherited large amounts of money.

During a conference call with clients, McManus & Associates Founding Principal John O. McManus recently shared his thoughts on the 10 preventative measures against affluenza below.

LISTEN HERE for details: “10 Ways to Prevent Affluenza”

    1. Discipline Reality Check
    2. Better to Give than Receive
    3. Money Can’t Buy Happiness
    4. Patience Is a Virtue
    5. Knowledge Is Power
    6. No Substitute for Hard Work
    7. Word to the Wise
    8. Failing to Plan Is Planning to Fail
    9. Know when to Say No
    10. Preparation Is the Key to Success

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McManus Guidance on How Parents Can Help Protect Young-Adult Children Featured in College Series

Colleen Moriarty, a seasoned health and lifestyle writer and a staff writer for Addiction.com, recently tapped McManus & Associates for advice on important legal documents that should be put in place for children who are already 18 or will soon be of legal age before they head off to school. Her article, “Help Your Child Stay Safe at College”, is part of a series called Off to College 2015: The First Six Weeks.

Moriarty’s article opens by shedding light on the importance of planning ahead to protect college-bound children, because, as McManus points out:

“If an accident, emergency, mental health crisis or trouble with substance abuse should arise after your son or daughter’s 18th birthday, you have little or no legal right to step in without legal documents that explicitly give you that authority.”

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DailyFinance Cites Tips from McManus on Legal Decisions That Should Be Triggered When a Child Turns 18

Daily FinanceIn the eyes of the legal and financial world, an 18th birthday represents a major shift. Motley Fool Contributing Writer Michele Lerner’s latest DailyFinance story, “Parents: Are You Legally Ready for Your Kids to Be Adults?” utilizes tips from McManus & Associates to show families steps that should be considered when a child turns 18.

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Top 10 Ways to Protect Children Under 18 and Over 18, Stateside and Abroad

Even for children who have newly become legal adults, parents need to be empowered to make decisions to help protect them in times of need. Laying out important considerations for families to discuss before and after children turn 18, McManus & Associates – top-rated, Tri-State-Area-based trusts and estates law firm – today released the newest edition of its educational focus series. The discussion, “Top 10 Ways to Protect Children Under 18 and Over 18, Stateside and Abroad,” identifies questions parents should evaluate, from who should be named as local representatives on a health care proxy for minors to whether a prenuptial agreement is appropriate if an adult child is soon getting married.

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McManus Shares Mission-Critical Advice on the Do’s and Don’ts of Creating a Trust in CNBC Article

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On assignment for CNBC, Jennifer Woods recently penned an article to help readers think through the terms when creating trusts in order to ensure money “lands in the right hands and isn’t squandered.” For expert guidance on the topic, Woods turned to John O. McManus, founding principal of McManus & Associates and a top AV-rated estate planning lawyer.

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