Mom and Dad won at the Game of Life. They amassed more wealth and things and assets than any other generation before them. They are the reason the Great Wealth Transfer is even possible. We owe them a debt of gratitude and veneration.
Are Mom and Dad perfect? Of course not, but odds are, they still want to protect the family, help the Next Generation, and ensure that the kids are given a better life than was given to them. And yet, there is so much work to be done to maximize our Family Wealth.
I’ve written before that inheritance is not about money. Money and assets and things are the outcome, not the reason. The reason is legacy. Maybe I’m just being nostalgic after a lovely weekend with my Dad and him celebrating his 82nd birthday. We spent the time together not arguing about blue vs red vs whatever, but asking “magic questions” of each other.
What’s a magic question, you ask? Some ideas include:
- What’s a ridiculous travel story from before I was born?
- What did after school and/or the average high school weekend look like?
- What books would you recommend to your grandchildren and why?
- What are some of your favorite concerts or art events you attended?
- What’s the naughtiest thing you did before age 12?
Sahil Bloom on X posted: “Here's something everyone should do: Record a video interview with your parents. Ask about their childhood adventures. Their worst regrets. Their hopes, dreams, and fears. Advice they wish they learned earlier. Our time with them is finite, but the recordings last forever.”
Family Wealth is not about money. That’s a component, sure, but being friends with Mom and Dad and our siblings and the Next Generation, that is likely more valuable. Learning about our family as humans and loving them for who they are is likely more valuable. Ensuring that we know the Plan for Mom and Dad so they can ride off into the sunset is likely more valuable. We can all do this better, so let’s help ourselves, help our families, and move ourselves forward…