Pearls and Perils of Talking to Family About Wealth- Takeaways

By Andrea Young on April 25, 2024

At our April Empower Women event, we had the privilege of hosting Kirby Rosplock, who shared invaluable insights from her experiences both personally and professionally with family wealth.

Breaking the Taboo: Discussing Money Matters

In addressing family wealth with your children, transparency is paramount. Communicate your intentions openly, whether it involves leaving an inheritance or philanthropic endeavors. By initiating these conversations, we normalize the dialogue surrounding finances.

Share Your Money Narrative

Children raised in affluent families may develop certain expectations regarding inheritance. However, regardless of your family’s financial situation, maintaining your children’s motivation can be challenging. It’s essential to convey the effort invested in accumulating wealth and clarify any potential inheritances or conditions attached. This clarity fosters understanding and alignment within the family dynamic.

Set Future Generations Up for Success

Sharing your experiences with your loved ones can help instill financially literacy that will be passed down through generations. Money is never guaranteed, so instilling good financial habits will hopefully help the future generations to build, manage and sustain their wealth.

Disclosure
Lexington Wealth Management is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC, member FINRA and SIPC. Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC. All information referenced herein is from sources believed to be reliable. Lexington Wealth Management and Hightower Advisors, LLC have not independently verified the accuracy or completeness of the information contained in this document. Lexington Wealth Management and Hightower Advisors, LLC or any of its affiliates make no representations or warranties, express or implied, as to the accuracy or completeness of the information or for statements or errors or omissions, or results obtained from the use of this information. Lexington Wealth Management and Hightower Advisors, LLC or any of its affiliates assume no liability for any action made or taken in reliance on or relating in any way to the information. This document and the materials contained herein were created for informational purposes only; the opinions expressed are solely those of the author(s), and do not represent those of Hightower Advisors, LLC or any of its affiliates. Lexington Wealth Management and Hightower Advisors, LLC or any of its affiliates do not provide tax or legal advice. This material was not intended or written to be used or presented to any entity as tax or legal advice. Clients are urged to consult their tax and/or legal advisor for related questions.