Understanding your Family's Past
Family lifetime plan experts point out that there is a greater need than before for family members to have a strong collective commitment and understanding on how to manage inherited wealth today, in view of the more complex financial landscape.
A starting point could be inculcated by creating an awareness of the past lifetime plan - family stories, particularly about how the family wealth was first built up, should be told and retold to the younger generations.
Downsides of the past lifetime plan, such as instances of failures and how family members struggled to achieve what they accomplished, should be emphasised to help the younger generations learn and grow.
It will also provide inspiration for the individual as to what is actually possible.
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