Several weeks from now, Colleen and I will host our children and their spouses for our inaugural Family Financial Meeting. We feel it is the right time to start this valuable practice!  

They are all in the 30-40 age bracket, making wise financial decisions, and living lives consistent with our faith and values. During this time together, we will share our financial story, talk about God’s faithfulness, and the joy we have found in being committed to living lives of generosity.  

I was recently reading an article published by our friends at National Christian Foundation, which shared a staggering statistic!  

A Great Wealth Transfer is unfolding! According to newly released data from analytics firm Cerulli Associates, an estimated $124 trillion in wealth will transfer to heirs and charity by 2048.  

My friends, that is an enormous amount of money “changing hands” in the next 20-25 years!  This brings us back to the topic of having a Family Financial Meeting.  

Why You Need a Family Meeting 

Over the past 30+ years, we have observed many different families’ wealth transfer processes. Some were handled beautifully; others were, quite frankly, hard to watch. One way to avoid the latter is to start the steps early, with something as simple as a purposeful get-together. 

Here are just a few of the numerous benefits of having this type of Family Meeting: 

• You get to tell your story and share your heart with your family (which might include things that you have never shared with them previously). 

• You may choose to share about God’s provision and faithfulness in your lives. 

• You can encourage them to pursue wisdom and discernment in their own financial lives, challenging them with what you have learned and experienced over many years. 

• You can make sure they have a clear understanding of your financial plans and estate planning (wealth transfer) decisions.  

Preparing for The Great Wealth Transfer 

Take time to answer their questions now, while you can! Clear communication and good understanding should eliminate the risk of misunderstandings at estate distribution time. 

Mr. Ron Blue has summarized this topic so well, “Make sure you pass on wisdom (to your family) before passing on your wealth.” 

What questions do today’s blog post bring to your mind? Talk with us! We would welcome the opportunity to discuss this all-important topic with you, and to help determine if a Family Financial Meeting is right for you.