Family Conversations About Wealth Transfer

Family Conversations About Wealth Transfer

Why it is Essential to Discuss the Transfer of Wealth

For many generations, people were brought up not to talk about money. But if you’ve accumulated wealth that you want to leave to your family, it is essential to break through those barriers and start communicating. In this episode, Jane Scaccetti, CPA and CEO of Drucker & Scaccetti, shares crucial information about why it is so important to be good stewards of your wealth in order to ensure that the next generation does the same. 

Jane Scaccetti, CPA, is a founding shareholder and CEO of Drucker & Scaccetti. She is responsible for strategic initiatives, business development and professional career development in addition to servicing complex family-owned and closely held businesses. Jane has proven expertise in retail, real estate, distribution and health care and sophisticated wealth planning techniques and board governance. She is active in civic and community service and has numerous awards and accolades to her credit.

“Sometimes people don’t really understand what happens if their voice can no longer be heard.”

What You’ll Learn from This Episode:

  • Why families lose 70% of their wealth with the second generation and 90% with the third
  • Why even close-knit families can experience problems and financial loss with wealth transfer
  • The number one reason why wealth transfer fails at second generation
  • What Jane’s “zoom out, zoom in” process is
  • What happens at the first meeting with a family
  • Why it is important to keep the conversation broad and general when beginning the process of these discussions
  • Some of the necessary preparation for the second meeting with the family and why it is absolutely essential to a successful transfer
  • Why it is important to look at the strengths and weaknesses of family members and how that information impacts a successful transfer
  • How in-laws may or may not figure into this planning process
  • How conversations with family or friends can impact decision-making
  • Why the family story is central to the process of wealth transfer

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