The Canadian Wealth Advisors Network predicts that approximately 42% of the Canadian population will pass $1 trillion to the next generation within the next two decades. This will be the largest wealth transfer between generations in Canadian history. How can families prepare for these?
We all want to live generously; make a lasting impact with our time, talents, and resources; and leave a legacy — whether large or small — that benefits generations to come. How best to do this?
True legacies are everlasting and meaningful, and do not focus solely on the amount of money we will leave to our children. They include the social, spiritual, and emotional values and traditions we want our children to learn and pass along to future generations. To achieve this, we must provide careful guidance and planning. This requires engaging our family members in thoughtful and impactful generosity.
Living generously not only gives us the opportunity to share and demonstrate the values we want our children to remember through experiences, it allows us to uncover shared interests and discover the causes they are passionate about too.
Practicing generosity together is what keeps a family strong, both in this current generation and for generations to come. Wherever your passions lie, whatever causes you champion, I encourage you to share them with your family and invite them to be part of your generosity. In this way, you not only experience the joys of giving together, but also establish a lasting legacy in the truest sense.