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Over the next 20 years, $30 trillion dollars could be transferred from the current generation to the next, making now a critical time for advisors to discuss multigenerational planning with high net worth clients. Along with planning for the financial inheritance, of growing importance is the transfer of emotional inheritance, or passing down and preserving core family values.Inheritance is not only about the money, but also about individual and family priorities, decisions, purpose and passions in life. Studies reveal that 90 percent of wealthy families will have lost the family wealth by the end of the third generation. The demise of wealth lies in the fact that heirs have not been sufficiently prepared to receive wealth or learn about stewardship of the family assets. Once a taboo subject, there is a growing trend toward more open communication within families about values, money and legacy. Leading families through the process of preparing for an inheritance can help financial advisors deepen relationships with existing clients and form new relationships with their children.When approaching legacy planning conversations, consider the following:

Source: Key Considerations for Preparing a Family Legacy Plan