Start the conversation
Your family isn’t the first to tackle these topics. And many have worked with their advisors to create a smart wealth transfer plan. Take a look at some stories and tips that demonstrate the importance of having these conversations.
The owners of a family business were set to have their eldest inherit the company. However, it was their youngest who wanted it. Had they not talked, one child would have been saddled with an unwanted inheritance while the other missed out.
Consider sharing this family’s story: They were unprepared when a loved one became gravely ill and it caused upheaval. You can follow this with, “Here’s how I’d like to see our family prepare.” And let them know your intentions, goals, priorities.
You don’t have to focus on death. Introduce the topic gradually, talk about your core values and the use of wealth. That’s the foundational work. Then you can talk about the technical issues and the numbers.
Your advisor can play a vital role in a successful family meeting, every step of the way by:
- Before: Creating and sharing an agenda so everyone is prepared
- During: Navigating different perspectives and intentions
- After: Helping synthesize and layer in differing intentions, goals, and priorities
Contact your advisor.
As always, your advisor has the resources and knowledge to make navigating tough topics easier. Reach out when you’re ready.