Over the past few weeks a couple clients have asked me about how and when to share their family wealth and social capital plans with their children and other family members. This of course is different for each person and each family so there is no hard and fast rule. There is however some general things that all wealth creators should consider when planning for the transition to the next generation or out into community:
1. How much is enough? As Warren Buffet said, "I want to leave enough for my kids so that they will do something, but not so much that they won't do anything." Allison Maher from Family Wealth Coach calls it Knowing Your Number. What do you need to live on and your inheritors to live on to be comfortable, what do you want government to take in taxes and what do you want your community to receive.