All in the family
Beating the odds to sustain family wealth for future generations requires a commitment among all the family’s members. The senior generation typically initiates the conversation, and it is often difficult to do. We have found, however, that the manner in which the dialogue begins can have real impact on its ultimate success. For example, we have found that doing so in an interactive family setting can be a positive first step and provide the foundation for ongoing conversation.
In order to promote these conversations, The Truist Wealth Center for Family Legacy created an interactive board game for family members of all ages dedicated to understanding the challenge of perpetuating family wealth across generations. The $hirtsleeves to $hirtsleeves™ board game seeks to explore this dynamic concept through three generations (Gen 1, Gen 2, and Gen 3). The board game includes game cards that correspond to typical issues families might encounter in each generation of wealth. The goal of the game is to get to the end of the board with money – a successful transfer of wealth across the generations.
$hirtsleeves to $hirtsleeves™ is intended to provide our client families with a way to introduce important financial and wealth management terms and topics to their adolescent and young adult children in a non-threatening way through a fun interactive family game. Throughout the game, families have the opportunity to converse about taxes, inflation, debt, insurance, umbrella policies, prenuptial agreements, divorce and many other topics related to living a responsible life with wealth. Industry experts agree that children need to be socialized in these topics prior to being confronted with them. For example, learning about the concept of prenuptial agreements as a wealth preservation strategy provides a family the opportunity to talk about whether such an agreement is or is not in keeping with their family values or way of thinking. Whatever the case, early education is key to preparing future generations to be fiscally responsible inheritors and stewards of wealth.