Concerns arise among parents and grandparents regarding the well-being and future of their children and grandchildren. They worry about the world in which the younger generations are growing up, how they are growing up, the challenges that they face, and how they will turn out.
This worry is heightened for those with substantial wealth. Research has shown that 70% of family wealth is lost in the second generation and that 90% is lost in the third. Individuals and families have spent countless hours with their financial advisors, accountants, and lawyers to create the most beneficial path forward for their family’s wealth and despite this, most of the wealth is lost in a relatively short period of time.
Although all of this planning is important, it is not enough to ensure that your children and grandchildren will be able to build on the foundation you created. While wealth may be passed down, the transmission of values becomes a pivotal concern. It becomes evident that without instilling values, the longevity of inherited wealth is compromised.
Watch this webinar from our partners at Hightower Advisors to learn how generational wealth is the result of careful financial planning that includes the passing on of a value system to future generations.
