This week we have an impromptu blog post based on a subject that we feel strongly about in our Private Client and Family Office practice – preparing the next generations to manage family wealth.
We read an article from the Wall Street Journal
, “The Best Way for Wealthy Parents to Talk to Children About Family Money,” that is aimed at helping parents decide how much to tell their children about the family’s wealth and when to share that information. We think the article is excellent and suggests many of the same approaches we encourage families to adopt.
The author provides some age-appropriate strategies for helping your children, from tweens through their 30s, understand the wealth management responsibilities ahead, without telling them the extent of your wealth. The article also provides best practices in helping your children or grandchildren understand your plans and expectations for managing the family wealth now and in years to come.
If you are concerned about how to prepare the next generations of your family for managing your family wealth, we encourage you to contact your Warner attorney or our practice chair, Mark Harder. We would be delighted to assist you in speaking with your children (or grandchildren) about your family’s wealth or assist in holding a family meeting for this purpose.
Read the article here:
The Best Way for Wealthy Parents to Talk to Children About Family Money