The holidays bring family together to relive old family stories, create new family traditions and bring memories of family that are no longer with us. That is why this series of posts is timely. Realizing that the true wealth of your family is not financial, it’s the memories, lifetime stories, relationships, values and trust that represent your true wealth and your family’s inheritance.
Realizing that your family has a 90% chance of losing its financial wealth within three generations, logically it appears that families are not necessarily best served by traditional planning. When something has a 90% chance of happening, it is virtually a certainty!
When the values by which you have lived are not passed on, your financial wealth will also disappear. Your financial worth is a statistic….a number…it is not your legacy. Money is really just a tool to help unify families. Your family is not defined by the things you own. The most important things your kids will inherit will be while you are alive…
The successful 10% of families that keep their financial wealth intact beyond three generations do a few things differently…obviously. They intentionally pass along values, family stories, life lessons…as well as their money. They focus on building strong communication and trust. They prepare their family for both their emotional & financial inheritances.
- What is happening?
- What is your family talking about?
- How are their conversations?
How far will your tax/estate planning to-date take your family toward reaching your ideal picture as it relates to family harmony, individual accomplishment, community involvement, etc.