3 Principles for a Successful Family Legacy

The next few decades will see the largest transfer of wealth between generations that has yet to occur in this country and in the world. Estate planning has become a less taboo subject among high net worth families as the prospect of extending their own legacy has become more prevalent and important. Those that adhere to the following three core legacy planning strategies have more success when transitioning wealth between generations.

• Integrate planning
  • Your legacy is as much about providing financially for future generations as it is about how you wish to be remembered, and communicating with your advisors as well as your family will help you develop a detailed wealth plan that aligns with your legacy goals.
• Evolve a healthy family wealth culture
  • A shared set of attitudes, values, goals and behaviors that characterize you as a family to many is more valuable and important than money in and of itself. Consider the elements that define your family’s culture, and keep them in mind as you designate goals for your wealth.
• Develop the rising generation
  • Younger generations may have difficulty distinguishing between wealth and money, and their attitudes toward each may be apparent. Be a beacon and a role model, revealing to them how thoughtful spending, investing and charitable giving contribute to a sense of purpose.

See Catherine Schnaubelt, 3 Principles for a Successful Family Legacy, Forbes, July 13, 2018.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.