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Sound Financial Group - Bothell, Washington

 

SFB017 How to Stop Wealth Erosion from Generation to Generation Through Family Legacy Planning

| May 26, 2016
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Episode Summary

Sound Financial Group (SFG) is excited to Welcome you to Sound Financial Bites, where we bring you bite sized pieces of financial knowledge to help you design and build a good life. In the 17th episode, Paul Adams, CEO and President of Sound Financial Group, chats with Alan Pratt, Founder of Pratt Legacy advisors. Alan is a Chartered Advisor in Philanthropy through the American College and a Certified Estate Planner through the Institute of Certified Estate Planners. Alan leads with his heart when helping families to plan their wealth legacies.

  • 04:21 - How does Alan lead with his heart in this analytical world?
  • 07:24 - Stressing the importance of having other-centered conversations.
  • 10:50 - Family Legacy Planning should include the family’s adult children from the beginning.
  • 18:02 - The perils of a large windfall to an unprepared person.
  • 21:04 - How to stop the wealth erosion from generation to generation.
  • 24:44 - What tools can people use to start talking with their children about wealth and charitable planning?
  • 29:04 - Sharing the principles and disciplines of wealth management with children.
  • 32:35 - The distribution of wealth in the legacy planning arena can be sizable to a charity without reducing the amount for family.

Tweetables

"Family Legacy Planning should include the family’s adult children from the beginning."

"Large windfalls can be easily lost if given to an unprepared person."

"Principle and discipline are two key factors when educating children about wealth management."

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