Communication is Key

As an avid cyclist, I recall a recent trip cycling through Sonoma Country, California. The trip was a beautiful experience, with rolling hills and vineyards that stretched as far as the eye could see. Riding on the different types of surfaces and roads required different skills and experience levels, just like managing wealth for differing goals, visions, and values.

As with group cycling, communication is key when it comes to managing wealth or cycling safely. By working together as a team and communicating openly and honestly with each other, families can ensure that their wealth is transitioned in a meaningful way that is fair, equitable, tax-efficient, and guided by your principles and values. This includes understanding the uniqueness of each member, the differing roles and responsibilities they may have, while recognizing the importance of sharing information clearly and in the spirit of collaboration and trust.

In addition to communication, lifelong learning is integral when it comes to managing wealth. The disciplines of financial and estate planning constantly evolve with new tax laws, regulations, investments (crypto anyone?), and an ever-changing economic landscape. Becoming a lifelong learner allows you to gain valuable skills and knowledge to help you make decisions with? clarity and confidence.

Just like riding on different routes and surfaces makes for a stronger rider, experiencing all types of financial situations can make for a stronger and wiser wealth generation.

By learning from the past and being prepared for the future, each generation can build upon the successes of the previous one and create a legacy that will last for generations to come. And just like the beauty of the vistas while riding, so is the beauty of designing an intentional legacy that is built upon family values, clear vision, and intentionality.