Tom Fowler

Six-word Lessons to Build a Sustainable Legacy: 100 Lessons to Equip Family Leaders to Preserve the Family and Its Wealth Tom Fowler

Inheritance and wealth are often regarded as taboo subjects by parents. Children are reluctant to approach their parents to discuss planning because they don't want to appear greedy. Parents, who consider they have a close relationship with their children, overlook the impact their wealth will have on their grandchildren. By the time their children receive their inheritance, their lifestyle will be set. The grandchildren may not be prepared to handle a financial inheritance. Who will mentor the grandchildren if you do not create a method of communication and training that lasts through generations? Thus, the question remains, how can I keep my family and the family wealth together through subsequent generations? The answer is Legacy Planning. A legacy is defined as "a gift of property or anything handed down from the past". The legacy we hand down to future generations is more than wealth. It also includes values, vision, and goals. It is the instructions we prepare for a generation we will not see.