by Diane Fye
Wealth transfer across generations has a whopping 70% failure rate worldwide. Perhaps more of the focus should be on preparing the receivers. You can have the best wills and trusts, but if your heirs are unprepared your family wealth could easily become part of this statistic. Consider breaking ground on a bridge for your family to cross for generations to come. You have probably already crossed this bridge. Now it is time to communicate with your family and give guidance and purpose to future generations.
Ideas To Consider:
- Start by realizing the problem. Despite all the work you have done, your estate is going to be left.
- How will this impact the lives of your beneficiaries?
- Let the next generation know your plans.
- This is not a “talk”, but a dialogue that should start early, be revisited often, and never stop.
- Trust and Communication is critical.
- Objective is to build family harmony/cohesion/togetherness.
- Each individual is an important part of the Family Story.
- Pass values instead of just money.
- Educate and share the risk component of the wealth (the other side of the balance sheet).
- No one is too old or too young to learn new skills and grow as a family member.
As you read this, if you have a role in making decisions about your legacy in your family, maybe the first step is up to you.
At The Beringer Group we do not sell a product. Our mission is to solve the problem. The private business and family enterprise has been our core clientele since 1979.
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