Strengthening Family During The Holidays

Everyone’s talking about the GREAT WEALTH TRANSITION and the techniques, strategies, and vehicles to use to make sure things are structured appropriately to transfer the assets… I would say the initial focus is all wrong. 

Instead of solely focusing on preparing the path of your assets for that coming day, let’s start from a different place and prepare the beneficiaries for the inheritance they are going to receive.  And I am not only talking about the financial assets but the greater inheritance that will be transitioned to the next generations.  That inheritance or wealth of the family is often identified as the responsibility of the family name, family stories, culture, values, family purpose, personal possessions including cherished photos, reputation in the community, and relationships.

And that inheritance comes to them sooner than your dying day...it’s the Legacy they are Living TODAY.  Some people say “my kids know my stories and the importance of our family values”, but I would challenge you this holiday season when the family is gathered around the dinner table to ask each of them individually “what are our family values?”  (maybe even have them write them down first and then share) and then LISTEN to what is shared.

There is another way to measure the success of your family wealth transition. It is the fun game I may have mentioned before called “Do You Know…” Create 10-12 questions about the family’s history and have everyone take it. (Call me if you would like ideas for the types of questions) Then see how many correct answers there are – especially noting the incorrect answers if you have already played this fun game in prior years. Have some fun this holiday season focused on Your Family’s Legacy.

Creating a thriving family culture can begin with 3 easy steps:

Communication: staying connected by Facebook, family conference calls, group texts, documenting and sharing stories, planning time together – always invite them all and work with the willing.

Education: preparing family members through education is the glue that can help hold a family together through generational transitions.

Mentoring: creating/modeling the positive family culture all wrapped around the family’s common purpose to allow all members to thrive.

Culture isn’t created overnight however, focusing on elements like strong relationships, adult to adult communication, listening, and having fun as a family goes a long way in creating a positive family culture.

Resilient and capable heirs result in a happy and healthy family!