Legacy planning can open up a can of worms
There is a massive movement of money going on right under our nose. It’s not illegal or unethical. But it’s fraught with peril.
Calm, cool rationality is in short supply when some families address issues tied to cross-generational wealth. Sparks can fly. “Generally, people act on emotional reasons, not intellectual reasons,” said Mitchell Kraus, a certified financial planner at Capital Intelligence Associates in Santa Monica, Calif. “So you have to get to the core emotional issues, not just give logical arguments” when facilitating wealth transfer within families.
In most cases, however, it’s not that serious. Advisers confront petty squabbles and field calls from family members with clashing interests. “It’s finding some common ground,” he said. “It’s crucial not only to understand what each family member is trying to accomplish but also where they are coming from. Uncovering what has happened in the past will make it much easier to create solutions moving forward.”
Advisers tend to set ground rules when helping families work through intergenerational strife. For starters, they might urge all parties to listen for understanding, not agreement. That means paraphrasing or asking clarifying questions to confirm that they understood what they heard before they rush to make their point.
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