If you’re not talking about it, the answer might be no. For many high-net-worth families, generational wealth transfer could benefit from early-on conversations, with an eye on a smooth transition of legacy and a continuation of values.
How to Have Money Conversations That Matter
Conversations on legacy and inheritance can be hard. First, intergenerational discussions are often challenging, regardless of topic. Second, with social taboos against discussing either money or death, even within families, it’s easy to avoid the subject.
But don’t fall into that trap. The next generation shouldn’t have their legacy transition foisted upon them in the midst of grief, unprepared and without any plan.
“The families who do this well don’t wait for a transition—they build understanding over time,” said Jeanne Krigbaum, 1834 Chief Wealth Planning Officer.
