Wealthy parents face delicate balance when passing their money on to their children
Institute for Preparing Heirs featured in Financial Times article by Emma Jacobs.
From the article:
This can be complicated by financial advisers who are uncomfortable around family tensions and ill-equipped to help, said Diane Doolin, co-founder of the Institute for Preparing Heirs, which trains advisers. It is important to start conversations about money early, she said. “If [parents] don’t, there will be problems later. If the kids are not prepared, then [they] might not be good stewards of the family wealth.”
One way of bringing the conversation to life for young children, she suggests, is talking about the family tree. Another is to discuss how their parents made their money. “It can help prepare the kids by strengthening communication and financial education.”
Also featured is Institute for Preparing Heirs faculty member, Amy Castoro, who advises families on transferring wealth through generations. “Families are unwilling to have the essential conversations about wealth transition — such as expectations, roles, relationship breakdowns — because they just don’t trust themselves to have the conversations go well.”
