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How long do you want your wealth to remain in your family?

Every prosperous family hopes their wealth will be a force for good and represent success and fulfilment in the lives of their children, grandchildren and future generations.

And every prosperous family faces the ultimate family challenge:

“How do we encourage and support our children to pursue their own individual path towards success and fulfilment, and at the same time, equip them with the skills, talents and behaviours needed to successfully retain and develop the family’s assets and its unity, so that future generations can benefit from these same opportunities?”.

‘Growing up’ and ‘transitioning family wealth, leadership and responsibility’ are hard to do, both for the children and the parents. History confirms this by teaching us that:

70% of families fail to retain their wealth for two generations.

90% of families fail to retain their wealth for three generations.

Here are some of the most commonly shared concerns families have when it comes to transitioning wealth from one generation to the next:

  • How and when do we tell the children how much wealth we have and when they get access to it?
  • How much is enough for the children without demotivating them and creating a sense of entitlement?
  • How do we bring spouses into the family in a way that allows them to feel welcome, whist at the same time, getting them to sign the pre-nup before the wedding?
  • How do we achieve 'equal' or 'fair' in family distributions, especially when some family members work in the business and some do not?
  • How can we pass our wealth to our children without taking away their desire to make it on their own?
  • How can we ensure our wealth is a force for good and represents success and fulfillment in the lives of our children, grandchildren and future generations?

Surprisingly, most parents devote far more time preparing their wealth to pass to their children than they do preparing their children for the transition of wealth, leadership and responsibility.

When you plan for the future of your money, it is equally important to plan for the future of your family.

Planning for the future of your family involves a different form of planning. Look at it like this:

Financial Planning – Prepares your wealth for you

Estate Planning – Prepares your wealth for your family

Heritage Planning – Prepares your family for your wealth.

Financial and Estate Planning enable you to plan for the future of your money. Heritage Planning enables you to plan for the future of your family.

Heritage Planning enables families to create the culture and structure needed to achieve two distinct outcomes:

  • To encourage and support each generation to pursue their own individual path towards success and fulfilment and “to make it on their own”
  • To equip each generation with the skills and talents needed to successfully retain and develop the family’s assets and its unity so that future generations can benefit from these same opportunities.

When Heritage Planning is incorporated with Financial and Estate Planning, it enables families to successfully transition wealth, leadership and responsibility from one generation to the next.

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