Investment, legal or tax strategies do not themselves guarantee a wise and meaningful transfer of your wealth, values and hopes for the future of your family. Successful family wealth and legacy transfer requires effective communication, deliberative planning, healthy family relationships, education and trust among the generations.
Families who succeed at transitioning wealth from generation to generation adhere to 3 core legacy values:
- Integrated Planning: This is a collaborative effort that requires open communication with your family, financial advisors, tax and legal professionals. Working together, families define their values, provide financially for future generations and fund their philanthropic goals.
- Evolution of a Family Wealth Culture: These are the shared values, goals, principles and behavior that characterize one’s family. This requires honest and caring communication and decision-making in order to advance your legacy goals through meaningful participation and investments.
- Develop a Rising Generation: Younger generations, especially those to whom wealth has been given, must learn to distinguish between money and investment, both personal and societal. Successive generations must become educated and understand how thoughtful spending, investing and charitable giving promote individual maturity as well as having a sense of purpose and meaningfulness in life. This is your Family Legacy.