Video Replay - Helping Families Successfully Transfer Wealth

Passing on wealth goes beyond transferring the value of an account - it's about passing along your important family values. Having these conversations before a life event occurs can have a profound impact on your family's financial future and the values you hold dear and share together.

The unfortunate reality is that the majority of wealth transfers tend to fail. We encourage you to watch the video replay and refer to the resources further below from our recent event to become familiar with the planning steps you can take to help avoid these common and costly mistakes.

Helping Families Successfully Transfer Wealth

Why Wealth Transfers Fail
Planning to Avoid Mistakes
Communication & Education
Helpful Values-Based Resources

Here are some terrific books to help you have conversations with the next generation about the importance of a family legacy. 

Inspired Philanthropy is an excellent resource tool for helping families define their family values, develop a mission statement and learn more about family member passions for different groups or organizations. It offers forms, grids, questionnaires, definitions, websites, common family practices, sample giving plans, conversation starters, family meeting agendas, etc.

The Ultimate Gift, which was also made into a movie and is highly recommended by our own Ward Keever - tells the story of a wealthy young man who must undergo a series of challenges set forth by his late grandfather's will in order to inherit his fortune. Through these challenges, the grandson learns important life lessons about love, friendship, and the true value of wealth. Ultimately, the movie emphasizes the importance of living a purposeful and meaningful life, rather than focusing solely on material wealth.

The Giving Family gives us tactical ideas on how to engage our children in philanthropy. It has ideas for 5 year olds (penny drives, book drives, toy drives) and for our adult 50 year old children. We can talk about activities and charities that we want to support as a family.

These discussions should happen well before your heirs inherit your estate. Our team can provide support with hosting family meetings to facilitate these important conversations. If you're interested in exploring this topic further, please Contact Us and inform your advisor of the areas that you would like our support.

MFS Investment Management, Emily Dupre, Covenant Wealth Strategies and LPL Financial are separate entities.