A recent Forbes article claims that ‘70% of intergenerational wealth transfers fail,’ discussing a new Williams Group study examining the long-term effects of wealth transfers in 3,250 families. ‘Failure,’ according to the study, means situations where the heirs dissipated wealth, often with the family assets becoming a source of friction and dispute.

The researchers were quick to note that poor professional advice was not the cause; to the contrary, the researchers noted that ‘[estate planning attorneys, financial advisers, and tax experts] usually did well for their clients.’

According to the study, poor family transition planning usually caused these failures. In other words, ‘no one in the unsuccessful transferring families