TIGER 21 MEMBER AND TIGER 21 CHAIR DISCUSS FAMILY WEALTH AND INHERITANCE
TIGER 21 Member Ron Weiner and TIGER 21 Group Chair Joel Treisman were featured in the New York Times, where they discussed the importance of educating their children about inherited wealth. Key takeaways include:
- Talking about money is one of the most difficult tasks parents can have with their children, but the “scale of wealth that some children stand to inherit is life changing.”
- Common concerns of revealing too much about inheritance to heirs too early include the fear of dampening their work ethic and the difficulty for them to grasp the obligations that come with handling family wealth. Therefore, many parents decide to hold off discussion about inheritance until their children reach their 40s or 50s, which leaves their heirs inadequately prepared to deal with inherited wealth.
- Parents should make sure their children are ready to receive information about family wealth before having discussions about inheritance.
- A New York TIGER 21 Member, Ron Weiner, reveals that he and his wife sat down with their daughters to discuss their wealth and inheritance about 20 years ago, and they have continued to educate their daughters each year depending on where they are developmentally, stating that, “the objective is to normalize the discussion so it’s not otherworldly.”
- Although Joel Treisman received no family preparation on the financial implications of inherited wealth, he says that he focuses on “gratitude, privilege, and being philanthropic” with his three daughters.