Shhh…let’s not talk about it…

When it comes to talking about money, what was your experience growing up? Was it a “taboo” topic in your house or did your family have open and educational conversations?

It’s different for everyone, but it’s quite common (even now) for parents to avoid the topic…especially when it comes to inheritance, gifts and all things associated with wealth transfer. It’s understandable really, given these conversations can be highly emotional, confronting and potentially cause disagreements. Families come in all shapes and sizes, with different personalities and values, and the fear of displeasing some members or the lack of acceptance for your decisions can be overwhelming.

The reality is though, that the level of short term discomfort you may experience by starting the conversation, will be far outweighed by the peace of mind that an open and honest discussion with your family members will bring in the long term.

Some of the benefits of talking through your wealth transfer strategy with your loved ones include having the opportunity to:

  • Discuss your values and the journey you have been to build the wealth you have today.
  • Explain your choices and gain acceptance so that your wishes are not contested.
  • Provide education to younger generations so that they handle the wealth appropriately.
  • Share documentation and details of your advisor base so that younger generations can seek expert advice as required.

With all the coverage about the “Great Wealth Transfer” in the media, it will no doubt raise questions for a lot of families around the best way to share and pass on the wealth they have created. 

Should you hold onto it, and it therefore becomes inheritance or share it now as a gift and enjoy watching your loved ones create the life and experiences they want? For many, it’s a combination of both and it very much depends on your circumstances.

If this is something you have been thinking about or if you have any questions, book a call today. We’d be happy to help.

Stay connected.

Stay connected.