WE_ ORE
fl mays
Great Rate
Buyi NG
lions and billions of dollars will
be passed from people who came
of age during World War II to the
current Baby Boomers," he said.
"It's going to be the largest trans-
fer of wealth in the history of the
world, and everyone should be
mindful of their responsibility."
Mr. Beckwith said he doesn't
approve of the traditional sce-
nario of the husband taking care
of a family's finances with the
wife "having faith that everything
will work out."
"That's dangerous because 60
percent of the private wealth in
our country eventually passes
through the hands of the wives
and mothers in our families."
The best financial advice Mr.
Beckwith can give to families is
"start making a commitment to
saving. Without knowing a lot
about investing, you can do as
well as anyone in the crowd. It is
a little more difficult to move
ahead of the crowd, however."
Many families see their ac-
countant or tax professional only
around income tax time, Mr.
Beckwith said. He suggested tak-
ing the initiative to talk a few
times during the year to make
sure financial matters are in or-
der, even if it means extra ex-
penses.
"The professionals you work
with view occasional reviews as
an added service," Mr. Beckwith
said. "That's usually because
their clients give out the verbal
equivalent of a wince when they
find out how much it will cost
them to have their income taxes
done."
What's the best way to find a
reputable financial adviser?
"We all know somebody whose
judgment about people you trust,"
Mr. Beckwith said. "Find out who
this person uses. But I think it's
a good idea to check further into
the professional who was recom-
mended, maybe even ask for an
interview."
Several audience members
asked questions about divorce.
"When a marriage ends, it's
very important to hire a lawyer
who is at the top of his game," Mr.
Beckwith said. "Many compli-
cated situations arise from di-
vorces because decisions involve
lives.
"Generally, the law says peo-
ple get what they brought into a
marriage, but what was gained
during it is split. It's very difficult
for someone to be better off fi-
nancially after a divorce because
of all the fees which need to be
paid and the disruption.
"Rarely, though, is someone
left impoverished unless there
wasn't anything to be divided in
the first place. The law is in-
tended to be gender-blind when
it comes to divorce."
Later in the day, Mr. Beckwith
spoke on "Charitable Giving: Big
Business —Big Benefits" in an-
other talk sponsored by the Fed-
erated Endowment Fund. El]
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