Family Wealth

Even the closest families can feel uncomfortable talking about money. It makes us uneasy. You know you should find out whether your parents have enough money to support themselves as they get older and whether they have made arrangements to pass on any assets that are left over, but you don’t want to come across as nosy or, worse yet, as if you are just itching to get your hands on your inheritance. And if you are the parent of adult children, perhaps you have held off broaching the topic because you figure it is none of your business.

Today’s longer life spans make this sort of intergenerational conversation especially crucial. In a recent study of 3,250 affluent families, a well-respected consulting group found that only a third had managed to transfer the family fortune to the next generation and grow it. Lack of communication, not financial ineptitude, was the big reason. So, whether you are an older parent or an adult child, the time to start talking is now.

If you would like to discuss family wealth or have any other questions, please feel free to call us at (800) 586-0600.