Talk to your kids about their inheritance

Key takeaways

  • JR Gondeck says many people fail to discuss financial literacy.
  • A trust can act as a prenup before marriage according to Gondeck.
  • Gondeck says families can proactively plan to keep assets within the family.

Families need to communicate with one another about their investments according to JR Gondeck. He is a Managing Director and Partner at the Lerner Group and said too many families have a legacy of not communicating about finances, which often results in overlapping or even lost funds in generational wealth transfers. 

Gondeck was recently a guest on The Yield and pointed out that many families hold onto inheritance money until the benefactors are no longer in their greatest stage of need.  He said it doesn’t have to be that way.  His firm, The Lerner Group tries to simplify seemingly complicated wealth succession ideas and works to ensure that wealth planning is not reserved only for the ultra-wealthy.  Gondeck said Lerner Group aims to offer simple and effective ways to proactively plan and help ensure assets stay in the bloodline,  that family wealth is available for the next generation as needed.

JR outlined the details of a trust,  who controls it, and who can benefit from it since trusts and wills are both of great importance as your wealth continues to grow. Trusts he said can act as a prenup to marriage and ultimately be used to communicate to the next generation what your assets are and what should be done with them.

Many parents fail to teach basic financial literacy to their children according to Gondeck and that leaves younger generations to fumble and figure out finances on their own. But by tracking finances along the way with a company like Lerner Group, investors can more easily stay away from the emotional side of short-term volatility and focus on the long-term plan.

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JR said, today’s financial marketplace is more accessible than ever before, and the more viewpoints that participate in the conversation, the better the results overall.

Legacy, he said, can mean a lot of different things to different families, but with the help of a planning group like Lerner Group, any investment effort can become more accessible, effective, and appreciated when the family openly communicates about what legacy means to everyone involved and how they work to achieve it.
JR said, creating a sustainable lifestyle based on current and projected assets doesn’t have to be a gamble. He shared his number one piece of advice, which is to take small risks and lose some money. By doing so, investors he said, can learn what it takes to stay in the game and to make significant gains over time. To learn more about ways that you can diversify your portfolio and create a legacy in your family, visit today.

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