How will my kids manage things once I'm gone?

A successful 63-year-old retired business owner had concerns about how their wealth would be handled by the next generation. After decades of hard work, they accumulated a net worth of more than $30 million. And while the family was close, they hadn’t had open discussions about inheritance, wealth stewardship, or philanthropy. The business owner also wanted to give back to their community above and beyond writing a cheque. They wanted to make a true impact on the causes closest to their heart.

We began by helping the client clarify their long-term financial and personal objectives while constructing an integrated plan that prioritized wealth protection. Once the plan was constructed, we shifted the discussion and planning to focus on family capital. We helped these clients:

• Establish a Donor-Advised Fund (DAF) with an initial $500,000 allocation, with plans to grow to $2 million over time. The family, including the next generation, would work together on its management, instilling shared values and a tradition of giving.
• Facilitate a family meeting where the business owner shared their story—the hard work, challenges, and sacrifices that built the family's wealth—to ensure the next generation understood their roots.
• Develop a family mission statement and objectives to guide financial decisions.
• Design a financial education plan for the next generation to build financial literacy and responsible wealth stewardship.
• Implement an annual family meeting to discuss the Donor-Advised Fund, ensuring each member has input in charitable allocations.

Stronger family bonds, a better sense of shared family values, and a plan that transfers both wealth and wisdom. The client felt an immense burden lifted as open and honest conversations about wealth, values, and heritage finally took place. Their children and grandchildren now have a framework for handling the family’s financial capital responsibly while also strengthening family bonds and contributing meaningfully to their community.