GenSpring regularly publishes on a broad array of topics categorized as Family Wealth & Business Planning, Family Governance & Education, Investment & Tax.
Many families of wealth struggle with a fundamental question: Can our wealth be sustained across generations and have a positive impact on those who use it? GenSpring has identified a series of best practices for the successful transfer of multi-generational wealth and believes that families who implement them can increase the odds of maintaining the wealth and reduce the likelihood of succumbing to the global phenomenon of “shirtsleeves-to-shirtsleeves in three generations.”
While many wealthy people desire to pass most of their wealth to their children, grandchildren, and other heirs, they often grapple with a fundamental question: “Can our wealth benefit our generation and be passed on to future generations while also having a positive impact on those future generations? Our experience tells us that sustaining family wealth is indeed possible.
Wealthy individuals often harbor negative feelings about their wealth: guilt, shame, or regret, but often these feelings are not discussed or acknowledged. Wealth transfer decisions made around these negative feelings can lead to resentment, dysfunction and conflict. To resolve these feelings, one must become truly aware of and accept them.
For more than 20 years, GenSpring has focused on women and wealth, the unique set of values women bring to the various discussions surrounding wealth, and how and why these values form. We’ve allocated resources in this area because we recognize money management means way more to women than simply asset allocation and risk tolerance.
Communication is essential to the success of every interaction, whether personal or professional. That said, communicating effectively can be challenging even when the message appears simple. Layer in family dynamics and communication becomes exponentially more difficult. Effective communication is one of the key tenets to happy, healthy and thriving families that requires dedication and practice.