Being rich offers little protection against making costly financial mistakes. For this week’s Barron’s Advisor Big Q, we asked financial advisors to identify errors that very wealthy individuals tend to make. One mentioned clients who overly concentrate stockholdings in the companies they work for. Another said she’s seen estate plans include spousal lifetime access trusts (SLATs) that don’t dissolve in the event of a divorce (ouch!). And there are, of course, many flavors of mistakes rich people make in passing on their wealth to their children.
In…
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