Network - Family Learning

For many families, discussing wealth transfer and inheritance issues can be challenging. Fear of demotivating heirs can cause wealth holders to withhold vital information.

Research indicates that multigenerational involvement is the single most important factor in sustaining family wealth into the third generation and beyond.

There are many benefits to involving children in family philanthropy. One of them is the children’s realization of the positive impact their own participation has on the world (no matter how small); another is their excitement about making a difference.

One of the most common concerns families have revolves around how to share wealth with family members without encouraging entitlement. With forethought and care, giving well and wisely can bring families together and strengthen the bonds between generations.

Travis Roy’s story is well known—in 1995, the rising college hockey star suffered an on-ice injury that left him paralyzed from the neck down after only 11 seconds of his first Boston University game.

While many families are expending effort on important concepts such as improving financial literacy, defining family shared values, and creating family mission statements, such efforts are likely to be lost if families do not first focus on one fundamental aspect of a successful family: Communica

Poorly structured family meetings that lack a clear purpose and agenda can do more harm than good. Failing to get buy-in from all family members can cause irreparable damage to relationships, despite the best of intentions.

One of the greatest concerns among wealthy parents is that the family’s great fortune might inadvertently lead to misfortune for their children. Raising responsible children in affluence is a life-long task requiring patience and persistence.