Many families worry what the impact of wealth will have on their children and how and when to communicate about wealth. Each family’s wealth, their heirs, and their balance sheet and the type of assets they own are different. More important, the relationships clients have with their children are unique and quite possibly different with each child. Thus, there is not a one size fits all to these discussions and frankly they should be lifelong discussions.
One of the most important aspects during these discussions is to be clear on what your values are; if the wealth is multi-generational and you have inherited a portion of your current wealth, the values of prior generations should also be discussed. In the majority of cases, the death of a parent is not the time for the children to find out about their inheritance and wealth transfer.Read More