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Caring For Generations

The Earlier the Talk, the Smoother the Transition of Wealth

by | Sep 20, 2023 | Uncategorized

There’s more inter-generational collaboration going on in the aftermath of the pandemic, authors of an article in Financial Planning magazine noted. “The environment of crisis brought families together, pushing them to be more creative and innovative to protect their businesses and to open up more about their values”. That’s a very good thing, our estate planning attorneys at Geyer Law agree. Starting conversations with adult children early definitely smooths the transition of wealth, and we try, wherever possible, to bring together family members of different generations to share values and wealth transfer.

Generally, the ultra rich are more accustomed to passing on wealth, and many, though not all, tend to be more organized, more purposeful, and more transparent with heirs, one consultant interviewed for the article noted. Entrepreneurial younger people from affluent families are now able to make their own contribution to the family legacy. One aspect of this earlier involvement in planning by younger family members is the increasing interest in “impact investing”, with charitable beneficiaries expected to achieve certain social and environmental goals.

At Rebecca W. Geyer & Associates, we’ve found that investors who have firm opinions about which policies and practices have a positive or negative effect on society and who want to live and invest in ways that align with their personal values, have a strong interest in passing those values along to the next generation.

“Using the construct of a family meeting helps many map out the desires for the future while the older generations are still active and before issues arise,” a PIMCO educational piece for financial advisors emphasizes.”While family meetings can be held for wealth, ownership and inheritance discussions, they can also be used to facilitate conversations around successes, challenges and new opportunities.”

 At Geyer Law, we try to bring together family members to share values and wealth transfer. What we’ve found to be true is that the earlier conversations take place, the smoother the transition of both values and wealth from generation to generation.

– by Rebecca W. Geyer