Years ago, the famous musician Sting explained in an interview why he’s not planning on leaving his vast fortune to his own kids. He wants his kids to be self-reliant…..and he’s planning on spending the money himself. You don’t have to be rich and famous to have strong opinions about your kids and money. While Sting’s children will not see much of his millions, not all parents (whether or not they are rich and famous) feel the way he does. Many family fortunes have been built (and lost) across generations. The difference is that over time, successful families develop skills for respecting, protecting and growing inherited wealth. So regardless of how much money your family has (or expects to accumulate over time), it’s important for all families to understand how to equip their children for the future.
Covie Edwards-Pitt, the author of a book called Raised Healthy, Wealthy, & Wise, says there are four critical skills children must develop before they receive an inheritance from parents or a trust. She interviewed scores of successful inheritors to identify theses four skills, which are:
The ability to earn their own money and live off what they make. Children raised with wealth feel they are the most successful when they earn enough on their own to support themselves without the family money.
The ability to set and pursue their own work goals. Children of wealth who are encouraged to find work they enjoy are much more likely to find satisfaction in that work if they are taught that it takes time and perseverance to reach this goal and that they should focus on learning from every job and give it their best.
The ability to develop self-worth that is separate from family wealth. Children who develop a core identity based on their own accomplishments and the choices they make in life are much happier and more successful.
The ability to be resilient and bounce back from adversity. Family wealth can cushion many blows, but the most successful inheritors are those who were allowed to experience and navigate failure on their own.
One of the main goals of our law practice is to help families like yours plan for the safe, successful transfer of wealth to the next generation. We strive to identify the best strategies for you and your family to ensure your legacy of love and financial security. Attorney Myrna Serrano Setty doesn’t just draft documents, she helps families love and protect what matters most. Myrna may be reached at (813) 514-2946 or at firstname.lastname@example.org.