The world tends to think of money as the solution to almost every problem, but that’s not always the case. In families, wealth often damages individuals and their relationships, accelerates conflicts, and drives potentially catastrophic wedges between family members. Planning only for the future of your financial assets without understanding how the money will affect your loved ones, can lead to devastating and unforeseen consequences for your entire family. Far too many people assume inherited wealth will naturally improve the lives of loved ones, but the reality couldn’t be more different. More commonly the results include family feuds and separation, entitlement, overspending, and high levels of unhappiness. Yet, when the family has been properly prepared in advance and is functioning well together, the wealth you’ve worked so hard to create can be a tool to unleash and achieve your family’s greatest potential, now and in future generations.
The three keys to creating a thriving family are to:
- Prepare your heirs to successfully handle the wealth
- Teach them how to successfully resolve conflicts and to build a culture of trust and good communication
- To have the family coalesce around a shared purpose for the family and their wealth.
This is what separates the families who thrive for generations from the ones who break apart during the generations that follow the wealth creators.
Richard Del Monte’s book Endless Inheritance can help you plan for a future that will benefit your family for generations to come. Whether you are a concerned parent trying to make a plan for your children’s inheritance or a child or grandchild in a wealthy family, this book can help you avoid discord and conflict, and create fulfillment and harmony in your family relationships.
Richard Del Monte has been a financial advisor by trade for three decades and in his lengthy career, he’s witnessed far too many client families being ripped apart by unresolved conflicts, while the hard-earned financial successes created by one generation are squandered by the next. These experiences have caused his pioneering advisory firm to expand its vision and scope from simply helping clients build and protect their financial wealth, to seeing each client family from a multi-generational perspective. From this more expansive viewpoint, clients are successful only when each individual in the family is thriving, and for the family as a whole, wealth becomes a tool to help make that reality possible. We invite you to let this book guide your family to use the wealth you’ve worked so hard to create, to benefit the entire family–individually and collectively–to flourish for generations to come, instead of causing them to divide and break apart.