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By Josh Manifold | Principal | Advisor

In all my years as an advisor, I’ve never met a family that regretted starting the communication process early. Finances can be a sensitive topic, especially between family units and generations, but I have yet to meet a family that regretted being proactive.

What do I mean when I say communication? Here are a few examples:

  • Assuring your adult children that you have enough financially to remain independent – providing them more peace and freedom
  • Communicating how you’d like your wealth to be used within your legacy
  • Encouraging your children and grandchildren with good financial habits by showing them the rewards of your own discipline

These are important conversations for families who want to pass on peace and prosperity. In my experience, it’s far easier to do this on your own terms than to wait for a will reading.

So how do you know when it’s time to open the dialogue? I’ve had clients tell me that they feel it’s “too early” or “we have plenty of time”.

Assuming that you do, I’d encourage you not to make your decision based on how far away your finish line is. The goal is not to time death and make the transfer just before it. Creating a legacy is about starting early. It’s about stewarding your most important asset: your relationships. A strong relationship is the greatest contribution you can give to Gen 2 and 3.

So if you haven’t opened those dialogues yet, I’d strongly encourage you to consider it. Think about what you want to pass on to the next generation. If you’re not sure what these conversations would look like, we have seen many of our clients navigate this process with incredible wisdom and intentionality. We’re happy to provide some of the insight we have gleaned along the way.