Families in business seem to worry most about sharing their values, responsibilities, family stories, and know-how being passed on to the next generations. Most technically oriented advisors focus on transferring of wealth in a tax efficient matter which is important, but not much of that matters if other bigger issues get in the way. Sometimes […]
Do you have the responsibility to raise children (could now be adults) so that they are prepared to inherit wealth? A mere $ 42 trillion will be passing to the next generation in the next 20-30 years. If you do not take active steps to get them ready for the responsibility that wealth brings, then how will these children otherwise get prepared? Many parents try to raise their children and share their values. Do you as parents also talk about financial literacy?
One hazard that you have to consider while planning and then implementing your succession plan is the potential of taking your eye off of the ball. In the sports context, this will mean you can miss the pitch, leave your putt short, hit your down the line shot wide because you are more focused on […]
Do you have the responsibility to raise children (could now be adults) so that they are prepared to inherit wealth? A mere $ 42 trillion will be passing to the next generation in the next 20-30 years. If you do not take active steps to get them ready for the responsibility that wealth brings, then how will these children otherwise get prepared? Many parents try to raise their children and share their values. Do you as parents also talk about financial literacy?
Do you have any idea of how much of your family’s worth is invested in your family business? What about other assets which have a meaningful value? Here in Vancouver (Canada), I have seen the net worth of families grow exponentially because of our long and significant increase in real estate values. This increase has […]
