Wealth and Relationships: 4 Foundations of a Successful Wealth Transition
What is the difference between successful and unsuccessful transition planning? Successful transitions mean the family remains intact and in control of their assets.
Successful transitions include:
1. Total family involvement (including spouses and children over the age of 16)
2. A process that integrates what the family members learn so they can co-design their future together
3. A structure that supports learning skills for trust and communication, accountability, openness, team building while engaging in vital conversations
4. Creating shared values and a common mission
Families that are proactive and intentional about maintaining family harmony are significantly more likely to maintain harmony and enjoy a long, prosperous legacy. In short, there needs to be a proven process that keeps everyone on target and aligned.
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