We all wish to leave something behind to our next generation. It is a gesture of love and goodwill, and how we want to be remembered.
But very often, we don’t know what, when and how to give.
I just read a very good legacy planning book titled Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask. The book has fifty-three chapters written by different subject matter experts in the industry.
Don’t burden children with wealth too early
Although children with well-to-do parents are seen as “having it all”, they are often living under the shadows of their successful parents. They find it hard to be on par with them, and are under a lot of pressure to succeed.
Chapter 22 “How Can You Help Children Thrive in a World Focused On Success” described the problems faced by these children: They are often overloaded with too many activities. They lack