Alliance Bernstein shared a great piece called The Big Reveal: Unveiling the Extent of Your Wealth to Your Heirs (https://www.linkedin.com/pulse/big-reveal-unveiling-extent-your-wealth-sjcce) and while the estate sizes of a typical Bernstein client may not be typical, the process and insights and key moments remain valid.
Gradual Revelation - I’ve posted about having The Conversation with my dad, but in reality this was one of many, many conversations where he trusts that I and my sisters can know more, ask questions, and learn more not in one sitting, but over months and years.
Importance of Early Conversations - Rooting the initial conversations in family and personal values helps anchor the inheritance not as a gift, but as part of a family legacy and responsibility to give the future generations a better life than was given to us.
Empowering Through Education - “Waiting until [the children] gain control is probably too late. Ideally, they should learn to navigate wealth decisions earlier on. This doesn’t mean handing them a ledger with all the family’s assets listed out. It means educating them about financial basics, family history, and the responsibilities that come with wealth.”
Balancing Transparency and Guidance - There is no “right way” as we are all learning together here. We can of course lean on best practices, especially those rooted in sharing as much as is appropriate and experience shares (rather than decrees), to help us implement the right process for each family.
The Magic of Thoughtful Wealth Disclosure - “By approaching this sensitive topic with empathy and foresight, you can ensure that your heirs are well prepared to carry on the family legacy.”
We can help each other. We can keep more money in the family. We can move ourselves forward…