Being a Good Steward of Family Wealth

Goldstein on Gelt

Doug discusses what it means to be a good steward of family wealth and how to pass on your financial legacy to future generations. He provides advice for teaching children financial responsibility from a young age and bringing adult children into important financial discussions.

Key points:

• The importance of passing on not just money, but also financial values and responsibility to heirs
• Pitfalls of relying solely on professional trustees to manage family money long-term
• Even a perfect trust document can't guarantee your wishes will be fulfilled long-term
• You must focus on teaching your heirs financial responsibility while you're still around
• Share information about your finances with grown children and bring them to meetings
• Getting kids involved with earning, saving, and giving at a young age
• Helping adult children pursue their goals without fully supporting them
• Utilizing specialized help like lawyers and financial advisors

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