BC Business
Don’t procrastinate.Make a will and decide who to trust with your power of attorney. Involve that person in your planning.Image credit:
Break the code of silence surrounding the family cash.Communicate effectively with your children about family finances and what they can realistically expect from you.Image credit: Flickr | Vincepal
Model a balanced approach toward making money.Don’t let children grow up thinking that the business of generating wealth takes precedence over healthy family relationships.Image credit: Flickr | theritters
Encourage fiscal responsibility.No matter how much money you have, encourage fiscal responsibility and teach even very young children to save.Image credit: Flickr | mtungate
Promote philanthropy.Promote philanthropy by encouraging children to share their allowance with others and contribute to decisions around family giving.Image credit: Flickr | Wonderlane
Seek advice.Ensure professionals are available to help children make good choices around their inheritance.Image credit: Flickr | laughlin
Keep your trust structure flexible.Unless your heirs face serious addiction issues or potential divorce, avoid placing complex restrictions around access to your estate. Keep your trust structure flexible and select your trustees carefully. Avoid using yo
Encourage kids to find their own success.To mitigate the effects of showering a large fortune on your kids, don’t leave them a large fortune. Encourage them to find their own careers and success.Image credit: Flickr | puliarf
Reap the benefits of philanthropy.If you are not in the habit of giving, start small and start now. Rather than donating to charity on your death, reap the well-documented physical and psychological benefits of philanthropy while you are still alive.Image