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Passing ongenerational wealthis a way to provide them with security long after youre gone.
However, this financial transfer shouldnt be taken lightly.
He said, Worried about your kids becoming the next headline in a rich kids gone wild story?
Lets dive into three game-changing strategies to ensure your wealth becomes a launchpad, not a crutch.
Read on for his insights onpassing down generational wealth.
He suggested these family meetings should be monthly, and noted that they are crucial for several reasons.
It brings the families together and understanding that there is one singular goal to achieve.
Its thetransparency and educationfor the kids, because theyre going to ask questions.
To this end, open communication is essential.
you should probably be able to educate your own children.
Do not rely on the schools or social media, he said.
And explaining what were doing and why were making this decision.
Hall offered his personal life as an example.
For us in my family, we usually go to Hawaii every year for two weeks in June.
Next year we wont be.
And so we explained to our children why, he said.
Because were going this year for Christmas.
And that your sports are becoming more cloud-like in traveling.
So theres more costs.
His bottom line on education: Kids are sponges.
They need to know.
They want to know.
And if we dont teach them as parents, then what are we doing?
Create a Trust for Future-Proof Wealth
Hall recommended creating a trust that is designed for future generations.
And I dont just mean your children.
Your childrens children and their childrens children and creating a truly generational wealth punch in situation.
He also noted that parents can opt for trust stipulations.
you’ve got the option to put in stipulations, right?
Build Your Team The Family Office Approach
you better have a team behind you, said Hall.
A team that you trust.
He added, At Black Mammoth, we are a modern family office.
So I think all families should have a family office within those units.
Hall noted theres a long-term benefit to having access to this kind of team.
The Bottom Line
All in all, educate, Hall advised.
That will allow the generational wealth inheritance to continue to grow and to continue on for generations and generations.
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