The Challenges and Opportunities in Multi-Generational Planning

There are three primary components of multi-generational planning that can help your family successfully transfer wealth from generation to generation. The first two components are related to building and transferring your wealth and the third offers considerations for preparing your family to manage their inheritance wisely.

1. Financial planning

Financial planning allows families to align their resources with expenditures in a way that supports what’s most important to them. By working with a financial planner or investment advisor, families can protect and grow their wealth.

2. Estate planning

Estate planning is a process that determines how your assets will be preserved, managed, and distributed after your death. It is essential to engage estate planning professionals who are well-versed in the nuanced legal, tax, and administrative requirements of Trusts, Asset Management and Estate Settlement.

3. Legacy planning

Legacy planning shifts the focus to relationships, education, and preparedness. To successfully transition wealth across generations, it is vital to address the following issues early, in a structured way, and often with the help of a trusted advisor.

Family history and values

Values, stories, family traditions, and accumulated wisdom create a unique profile for each family. Identifying and preserving those elements can help families stay close. Remembering the story of wealth accumulation, sharing discussions of what money represents and what it is for, and explicit agreement on internal family “rules” can all be used effectively to solidify family values.

Careful estate and succession planning will ensure that the technical aspects of the transition are executed in accordance with the decedent’s wishes. However, the legal documents alone are insufficient to maintain harmony in the family. Shared work ethic, hopes and dreams, traditions and faith will sustain family unity.

Communication and relationships

Constructive communication among family members is essential for fostering harmony and mutual understanding. Whether the family opts for formal family governance, or maintains a more fluid approach, skillful and supportive communication will aid in navigating challenging conversations.


Parents often worry that their children won’t learn the value of money or experience the satisfaction that comes from working outside of the family.

Establishing a healthy relationship with money is most effectively achieved when initiated during childhood. Through ongoing education and practice, children can absorb the basics of good money habits. Whether the focus of the conversation is on saving, preventing debt, or giving back to the community, the ultimate goal is to raise self-reliant and productive individuals.

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