When we discuss with each of our client families what they want to achieve with their wealth, an interesting challenge often arises. When our clients describe retirement goals, the picture is often fairly clear: more travel, more time with the grandkids, the freedom to choose their own schedule. However, after quantifying these goals into a financial plan, successful families often find they have more money than they need for retirement. As we contemplate what to do with this excess capital, goals get much fuzzier.

How much should we leave to the children, to the grandchildren, to charities?

Money can be a difficult topic for many families to discuss. While these basic estate questions help start the conversation, too often we find that this discussion unearths more questions than answers.

Will the children understand all of the hard work that went into creating the wealth? How do we ensure the children are motivated to build their own happiness? Can the family work together to manage the wealth, or will it create anxiety and strife?

If excellent communication is the foundation for ensuring the health of a family’s wealth and relationships, what can we do to plant the seeds of success? Here are three ideas that families can implement to start conversations around building money management knowledge for an effective wealth transition.

  • Goal setting with young children
  • Instilling values with grandchildren
  • Investment principles with adult children

Your vision, with your values, and legacy. As our primary focus, we assist you to be best prepared for the unforeseen turns on the road ahead.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.