Passing on wealth to children presents several challenges for affluent families. Many parents worry about how inherited wealth will impact their child’s ability to appreciate the value of a dollar, or to develop their own drive and career ambitions.
Our founding partners, J. Peter Simon and Leslie C. Quick III, wrote A Guide to Passing on Wealth and Values to the Next Generation to share what they have learned over decades of experience with innumerable wealthy families as well as what they’ve experienced in their own families. In it, they illustrate how parents can adopt certain practices, such as providing children with a financial education and exposing them to family core values, to greatly increase the odds that their children will lead happy, productive, and fulfilling lives.
In this white paper Peter and Les outline what has worked in their own families on the following subjects:
- When to discuss family wealth
- Providing children with a financial education
- Instilling children with strong family values
- When to pass wealth to the next generation