{"id":19889,"date":"2023-08-09T00:53:00","date_gmt":"2023-08-09T00:53:00","guid":{"rendered":"https:\/\/woodriverweekly.com\/?p=19889"},"modified":"2023-08-08T19:54:13","modified_gmt":"2023-08-08T19:54:13","slug":"teach-your-children-well","status":"publish","type":"post","link":"https:\/\/woodriverweekly.com\/index.php\/2023\/08\/09\/teach-your-children-well\/","title":{"rendered":"TEACH YOUR CHILDREN WELL"},"content":{"rendered":"

By Kristin Hovencamp, CPWA\u00ae<\/p>\n

\"\"
Kristin Hovencamp, CPWA\u00ae is an Investment Executive and Director of Business Development with HAZLETT WEALTH MANAGEMENT, LLC.<\/figcaption><\/figure>\n

There is an old saying in wealth management: \u201cShirtsleeves to shirtsleeves in three generations.\u201d In other words, the wealth gained in one generation will be lost by the third generation. This saying has stood the test of time. How can you sustain the past generation\u2019s legacy, leave your mark on the present, and successfully pass wealth to future generations?<\/p>\n

Document your family\u2019s history to create a bond between past and future generations.<\/b>\u00a0Shared experiences of struggles and successes help build connections and instill a deep appreciation of your ancestry. Heirs learn to respect where family traditions come from.<\/p>\n

Institute a formal communication plan to keep relationships healthy and effective.<\/b> To\u00a0develop trust, families must have open and honest communication that includes all generations, not just senior members.<\/p>\n

Invest the time to communicate your dreams.<\/b>\u00a0To help heirs understand how they will inherit and what the exchange of controls involves, families are putting a family wealth mission statement into place. The objective is to clearly define the family\u2019s vision for their legacy, their aspirations for their wealth, and philanthropic views to each generation.<\/p>\n

Increase financial literacy on an ongoing basis.<\/b>\u00a0Financial education is critical when preparing family members to inherit wealth. Bring each generation together and acquaint them with the appropriate advisors for practical wealth planning essentials.<\/p>\n

The hidden power of philanthropy.<\/b>\u00a0To prepare heirs for wealth and responsibility, successful families use strategic philanthropy to teach the family\u2019s philosophy, values, and goals.\u00a0Creating a giving plan and adopting a long-term philanthropic perspective also helps to prepare heirs for the onus of financial responsibility.<\/p>\n

\u201cThe single biggest problem in communication is the illusion that it has taken place.\u201d <\/i>\u2013 Irish playwright George Bernard Shaw. Effective multigenerational families document history, memorialize values and traditions, use philanthropy, encourage financial education, and continuously communicate to productively transfer wealth over time.<\/p>\n

Kristin Hovencamp, CPWA\u00ae is an Investment Executive and Director of Business Development with HAZLETT WEALTH MANAGEMENT, LLC, which is independent of Raymond James and is not a registered broker\/dealer. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Securities offered through Raymond James Financial Services, Inc., member FINRA\/SIPC. 675 Sun Valley Road, Suite J1 + J2 Ketchum, Idaho 83340 208.726.0605.<\/i><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

By Kristin Hovencamp, CPWA\u00ae There is an old saying in wealth management: \u201cShirtsleeves to shirtsleeves in three generations.\u201d In other words, the wealth gained in one generation will be lost by the third generation. This saying has stood the test of time. How can you sustain the past generation\u2019s legacy, leave your mark on the […]<\/p>\n","protected":false},"author":1,"featured_media":15233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","_pvb_checkbox_block_on_post":false,"footnotes":""},"categories":[2,16],"tags":[],"class_list":{"0":"post-19889","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-commentary","8":"category-finance"},"_links":{"self":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/19889","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/comments?post=19889"}],"version-history":[{"count":1,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/19889\/revisions"}],"predecessor-version":[{"id":19890,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/19889\/revisions\/19890"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/media\/15233"}],"wp:attachment":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/media?parent=19889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/categories?post=19889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/tags?post=19889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}