Why talking with your children about your assets is important
Talking with your children about your assets and transferring wealth is a critically important conversation. Erin Zavislak explains why she believes it’s essential for parents to have conversation with their children. She acknowledges that it can be hard to talk about wealth, but it can be a great opportunity to share your intentions and desires with your children.
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Gary Gamma: Erin, I think you kind of touched a little bit on this in your previous answer, Siyad from Iowa says, “How to tell your kid about our assets without diminishing their motivation to work hard.”
Erin Zavislak: That’s another common concern that clients have, and I will say that normally the clients who have it shouldn’t. You know, you meet the children, you meet the family, and they’re highly motivated and just have learned from the lessons that their parents have imparted to them.
I think the conversation is essential. At the end of the day, what your children remember about what your goals and objectives were in transferring this wealth to them and how you’d like to see them use that wealth, they’ll remember that conversation that a parent had more than the conversation that I have with them years down the road. So I feel like wealth is personal, but when it comes to imparting your intentions to your children, your grandchildren, that’s your opportunity while you’re alive to have those family meetings, to have those discussions, and talk about the fact that the wealth is there, but you still want the children to be motivated.
There’s also the ability to put in some provisions that a planner would talk to you about, to incentivize certain behaviors and discourage others. So that’s a way to work that into your plan.
I know that our Flagship representatives, they’re a great resource to even discuss how do I broach the subject with my family members and maybe set up a family meeting.
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