Children of wealthy families are often thought of as being born with a “silver spoon” in their mouths. While it is true that wealth can assist with specific problems, it also comes with unique challenges. Often, the next generation of family members may struggle with difficult family dynamics that commonly accompany a multigenerational wealth transfer. Parents are usually aware of the privilege their children have as it pertains to wealth but can overlook the complex challenges their kids may face.
I frequently encounter instances where clients’ children experience a disconnect regarding decisions about their financial legacy. Below are a few ideas to avoid this feeling through productive discussions and how working with the right advisor can help overcome these biases.
