You need a clear strategy to make sure your children and grandchildren can carry on your financial legacy, says Michael J. Ziemer, CFP® and Partner at Parsec Financial. “We have found that many of our clients are quite skilled at saving and investing, but few know how to effectively communicate with extended family about their wealth,” Ziemer says. “Although our clients know that they should be speaking with their children about generational wealth, it is common to delay this uncomfortable and emotional conversation.”
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