Ten ways to make generational wealth last.
Everyone talks about building generational wealth, but what is the end game?
What is the vision you have for your grandchildren --great-grandchildren?
Don’t have any of those yet? Me either!
Imagine a time and day where your future generations are so happy and grateful for the groundwork that you laid.
With careful planning, you can help your children and leave a lasting legacy.
The beginning starts with an estate plan.
You must have a written plan to coordinate your family wealth.
Give directions in the plan to the next generations on managing the estate program.
Change the narrative to include the next generation.
3. Now is the time to communicate with family. Provide guidance now.
4. Think beyond the current heirs. Go as far into the future as possible.
It comes down to the money.
5. Set up a spending program,
6. Parameters on accessing money,
7. And methods on replenishing funds. (all of which is the making of a grand plan)
“Shirtsleeves to shirtsleeves in three generations .”
These last three are what I consider to be the most important in generational wealth planning.
8. Encourage college education.
9. Promote starting a business.
10. Provide the down payment to buy a home.
How would you educate your children to encourage maintaining the generational wealth plan?
If you desire to leave a lasting legacy for generations to come, contact me.
