Redmond Office Law Blog

When baby boomers and their parents were asked whether leaving a legacy was more important than leaving an inheritance, almost 77% said that values and life lessons were the most important legacy they could receive and/or leave. Many have learned from studies and experiences that planning for the future of your family’s money is not the same as planning for the future of your family. When people define real success in the context of what they want for their children, grandchildren and generations to come, money is many times the last thing they mention.

Basically, we pass on two kinds of inheritance, financial inheritance and emotional inheritance. Financial inheritance is the obvious passing on of wealth to the next generation. Emotional inheritance is passing on values, stories, life lessons and family traditions. With studies showing that almost 90% of family fortunes are lost by the third generation, passing family values and life lessons to future generations may be the key to success for those people who have kept their families and fortunes together for generations.