Are My Heirs Prepared to Handle Our Family Wealth One Day?

The Plum Pointe Wealth Management Podcast Series

In this thought-provoking episode, we delve into a crucial question that many affluent families grapple with: "Are My Heirs Prepared to Handle Our Family Wealth One Day?" Managing family wealth isn't just about growing assets; it's also about ensuring its sustainability and responsible stewardship across generations.

Join us as Brian explores the multifaceted aspects of preparing heirs for the responsibilities that come with inherited wealth. We'll discuss the importance of instilling financial literacy, values, and a strong work ethic in the younger generation.

This episode is packed with helpful takeaways for your family and its estate planning efforts overall.

Chapters:

0:00 - Introduction and overview on the topic of the day

1:24 - Trillions of dollars are going to be passed down to heirs over the next two decades

2:30 - "Shirtsleeves to shirtsleeves"

4:05 - The interpersonal issues that can arise when wealth is transferred

5:33 - The ripple effect of your heirs not being ready to inherit family wealth

7:54 - What life looks like when your heirs are truly ready to inherit the family wealth

10:07 - How Plum Pointe navigates these conversation with clients and affluent families

13:25 - Engage, Educate, and Empower

16:15 - Identify your family values

17:46 - Instilling financial literacy in 10-19 year-olds

20:00 - Conducting formal family meetings to discuss the family goals and wealth

22:26 - Introducing your children to your wealth manager and advisors

24:21 - Advice for someone who needs to get started on this process

26:20 - Two stories about clients doing different levels of planning

30:11 - How to get in touch with Brian and his team

31:21 - Closing remarks

Connect with Brian Dunckley:

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