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The discussion guide and checklist will help you start financial conversations with your children by providing practical questions to ask, topics to cover and suggested activities to follow.
Some questions to help get the conversation started:
“What are some financial considerations that come into play while planning your wedding beyond the cost of flowers and the reception?”
“What do you think we did well as a couple regarding setting wealth-building goals and what would you do differently in your own life?”
“Should you establish an estate plan that includes a trust fund for your child(ren)?”
“What is our family mission?”
Financial topics to know:
- Asset protection – Learn about the importance of protecting assets using trusts, prenuptial agreements and insurance. Discuss how to maintain and preserve the family legacy.
- Family financial planning – Discuss how married couples can reach a consensus about managing household money and building and preserving wealth. Talk about how to use annual gifts and trust funds to set children on solid financial ground.
- Entrepreneurship – Discuss tips for taking those first steps into business, or branching out from the family enterprise.
- Philanthropy – Talk about how to make a mark in the world through charitable works that are in keeping with the family legacy.
Activities to help teach:
- Interview the family matriarch and patriarch and write down the story of how the family wealth was created. Share that story with younger family members.
- Establish an annual meeting with family members to talk about shared goals. Plan how to preserve and build on the family’s wealth and philanthropic activities.
Actions to reinforce financial focus:
- Consult an attorney to create an estate plan that includes a prenuptial agreement or trust fund.
- Write a family mission statement.
- Establish an annual meeting with family members and their trusted advisors.