You’ve worked hard your entire life, making sacrifices in the pursuit of something you believed in. You know what it means to dedicate yourself to something and have found success. Do your adult children share the same values that drove you?
How do you ensure that your children won’t contribute to the statistic that 70% of inheritances are lost by the next generation? Here’s a good place to start: try honest and vulnerable communication around values and guiding principles, not how much they’ll get when you pass.
Be inquisitive: ask questions about how they incorporate money into their everyday decisions, relationships, work, so that you might begin to understand their unique wealth identities. You may begin to find shared beliefs and mutually important causes. With these, you can get to the heart of what legacy your family wants to leave on this earth. Your family’s mission statement.
