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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