How to talk money with the family

Research shows more than two-thirds of intergenerational wealth transfers fail, largely due to a breakdown of communication. Here’s how to start the discussion.

Summary: A long-term research study found more than two-thirds of intergenerational wealth transfers fail, largely due to a breakdown of communication. To start a conversation with the kids about family wealth, look for casual opportunities early, consider their thoughts with an open mind and take time to reflect on different people’s perspectives.

Key take-out: Think of intergenerational wealth transfer as a long-distance run – you’ll only pass the finish line successfully if you set yourself the right, methodic pace from an early start.

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