Mountain Views News          Saturday, October 4, 2014

B3

 

BUSINESS NEWS & TRENDS

 Mountain Views News Saturday, October 4, 2014 


FAMILY MATTERS By Marc Garlett


DON’T GO HOME WITHOUT IT

 These days, particularly with so many 
foreclosures on the market, ordering an inspection 
when you’ve made an offer is not only recommended, 
it’s critical. Otherwise, you’re relying on the seller 
(in some cases, the bank) to provide you with a list 
of defects.

 An inspection provides an objective report 
about the home’s exterior, interior, and “internal 
organs” - the wiring, the plumbing, the heating and 
cooling system, etc. While your agent may supply 
a list of recommended inspectors, you are free to 
select any professional you wish.

 The seller and their representative will not see the 
report without your permission. The inspection of 
a 2,000 square foot home should take two to three 
hours to complete, and once the report has been 
delivered to you, you can discuss the findings with 
the inspector.

 Expect your home inspector to walk the roof 
and explore the attic and crawlspace (if present). 
Electrical panels, outlets and switches will be tested. 
Drains, water pressure, toilets and pipes will all be 
checked in the plumbing system. Walls, ceilings 
and floors will be inspected and all the doors and 
windows will be checked for functionality.

 All the items in the report will depend on the 
particular home’s features, but the findings give 
you an opportunity to estimate repair costs and 
renegotiate your offer. Never bypass this critical 
aspect of a purchase.

The 4 Key Life Skills Your Children 

Need to Have Before They Inherit

 
Inherited wealth need not be “an albatross around 
the neck of the children” as Sting so succinctly put it 
recently when asked if he was leaving his wealth to 
his children. 

 I – and many other parents – share Sting’s concerns. 
But proper preparation for inheritance can 
ensure the assets you leave for your children benefit, 
rather than impede, the upward trajectory of their 
lives. 

 Part of that preparation comes from how you and 
your attorney actually set up your estate plan. Part 
of it comes from helping your children develop the 
critical skills needed before receiving and productively 
managing an inheritance. There are four main 
skills nearly all successful inheritors possess:

 The ability to earn their own money and live off 
what they make. Children raised with wealth feel 
they are the most successful when they earn enough 
on their own to support themselves without the 
family money. Children without this skill often develop 
feelings of entitlement or personal inadequacy 
which negatively impact their ability to lead productive, 
meaningful lives. 

 The ability to set and pursue their own work 
goals. Children of wealth who are encouraged to 
find work they enjoy are much more likely to find 
satisfaction in that work if they are taught that it 
takes time and perseverance to reach this goal and 
that they should focus on learning from every job 
and give it their best.

 The ability to develop self-worth that is separate 
from family wealth. Children who develop a core 
identity based on their own accomplishments and 
the choices they make in life are much happier and 
more successful.

 The ability to be resilient and bounce back from 
adversity. Family wealth can cushion many blows, 
but the most successful inheritors are those who 
were allowed to experience and navigate failure on 
their own instead of being bailed out of every tough 
spot. 

 Comprehensive planning, taking all of this into account, 
can help your children avoid the many dangers 
and pitfalls inherited wealth can create. And 
if you’re anything like me, protecting your children 
from those inherent dangers is just as important as 
protecting the assets you’ll eventually pass to them. 
The great news is that proper planning can accomplish 
both objectives.

 As always, I wish all the best to you and your 
family,



 Marc, a local attorney, father, and CASA volunteer 
(Court Appointed Special Advocate for Children) is 
on a mission to help parents protect what they love 
most. His office is located at 49 S. Baldwin Ave., Ste. 
G, Sierra Madre, CA 91024. Call 626.355.4000 to 
schedule an appointment to sit down and talk about 
ensuring a legacy of love and financial support for 
your family, or visit www.GarlettLaw.com for more 
information. 


Mountain Views News 80 W Sierra Madre Blvd. No. 327 Sierra Madre, Ca. 91024 Office: 626.355.2737 Fax: 626.609.3285 Email: editor@mtnviewsnews.com Website: www.mtnviewsnews.com