Stephen Lewis
speaker
38 appearances
1 recordings
1 series
first heard Nov 2018
last heard Nov 2018
Stephen Lewis’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Inheritance: The Mistake of Not Passing Down Knowledge · 26 Nov 2018
podcast
No, that's right, JR.
And, you know, the question I get oftentimes is how do we give our kids a leg up without giving them two legs up on a couch?
And so much of that is about providing education along with the wealth that comes along and values of the family in addition to that education.
One of the big challenges in this area is how do we
get that next generation to have a curiosity, a desire to learn more about where the wealth came from and take some responsibility to take it upon themselves to take the reins and start dealing with more of the family wealth over time.
One of the things that we really were surprising when I went through and did the research is that when you look at the data historically, it shows that of the wealth that is supposed to be transferred in the next few generations,
history would suggest that about 70% of that will be lost by the second generation and 90% will be lost by the third generation.
And that's a huge amount of wealth destruction over time.
We were able to identify that there were really three things that you can pass on to your heirs
And so often we only talk about the side of it being the wealth or the money.
There's really three things.
There's the wealth.
There's the knowledge of how to build and manage wealth.
And it's the family values that go along as the third thing.
You need to have a combination of wealth with knowledge and values for it to be more productive than destructive.
I think it's really important to have a professional team that encompasses everything from the tax side to the investment side to the legal side.
And the earlier you can start to introduce those professionals to the next generation, the better.
And they'll have contacts that they can go to.
to ask questions if the parents aren't comfortable answering those questions.
So it's important that the next generation start to build their own relationships with the family's advisors, whether they be the legal, the tax, or the investment side, because the sooner they can start to build those relationships, the sooner they can become comfortable asking questions directly
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