Why do we not talk openly about wealth within a family – sometimes waiting until it may be too late?

– Is it an uncomfortable topic to raise and to discuss.
– Do you worry about setting expectations so that your heirs become entitled
– Do your heirs understand the responsibility that wealth brings

Too many times, I have seen families wait too long. An example. The matriarch, who was the financial guide for the family and its business passed suddenly and early, in the peak of her working years. She had not shared any of the “burden” of taking care of the finances with her spouse, nor her children. In the weeks and months following her passing, the family, in addition to mourning her passing and saying goodbye, had to keep the business operational. The family was challenged to understand the cash flow of the business and keep their household daily living going. This was a chaotic and stressful period for the family. Fortunately, the trusted and committed employees stepped up, in this case, and helped the family through this trying time.

Why wait? Try baby steps.

There must be some facet of your business or your family’s finances about which you could begin the conversation around family wealth. That may be an easy way to start. Then you and your family can begin to have more and deeper conversations around wealth.

The $ 68 trillion of wealth that is due to transfer between generations in the next 30 years must have proper caretakers. This, to me is a mind boggling amount of wealth. Think about it and how you can start your conversation. Link to article about the The Great Wealth Transfer here.

Learn, think, apply!