5 Tips for Successfully Passing Down Wealth

5 Tips for Successfully Passing Down Wealth
  • April 5, 2022

From Think Advisor, by Ken Eyler

Growing wealth is one thing. Preserving and passing it down to the next generation while confidently knowing it will be maintained is something else entirely.

While many think that financial literacy is directly correlated to the size of a person’s bank account, I’ve found this not always to be the case. For more than three decades I’ve worked with hundreds of ultra-high net worth families and family offices across the country to help take care of clients’ personal financial administration needs and establish financial habits that they can share with their children.

I’ve found that many children within these families don’t always receive a solid financial education about the impact, expectations and responsibilities of wealth. As a result, they are not equipped to manage their inherited estate when the time comes.

Wealth is a wonderful privilege, and it can amplify both the joys and the problems of life, meaning that financial clarity and good communication are even more important. By having a better view into these financial habits, I’ve also found that advisors are much better equipped to provide counsel that is tailored to what these clients need.

Based on my experience helping manage these families’ cashflow and actively maintaining generational wealth, here are what I view as five key tips for passing on wealth to the next generation…