One of the biggest reasons that wealth is historically made and lost in three generations is due to trust and communication, or a lack thereof.
We are all guilty of it—asking a young child or teenager the age-old question: What do you want to be when you grow up?
Here is an idea few advisors will suggest: maybe your children should not inherit your legacy.
You are your legacy, and the life you live is the legacy you will ultimately leave behind for your children.
Rather than talking about money, you should be talking to your children about legacy.