Legacy planning is much more than transferring money from one generation to the next. It’s also about transferring values. If you simply “give” the money to your children, they might lack the wisdom, grit, and satisfaction of accomplishment that only struggle and adversity can bring.

In this episode, Duncan MacPherson joins Richard Watts, author of Entitlemania: How Not To Spoil Your Kids, And What To Do If You Have! Having been the wise counsel to many of America’s wealthiest families, Richard shares how you can help your clients prepare their children for the real world, instead of spoiling them with free money.

Richard discusses:

How to prompt wealth transfer conversations that your clients might not like
Why first-generation earners should not deprive their children of experiential learning
Real-life examples of families who have adopted the “tough love” approach
How to take your relationship management to the next level
And more

Resources:

“Entitlemania: How Not to Spoil Your Kids, and What to Do If You Have” by Richard Watts
“Fables of Fortune: What Rich People Have That You Don’t Want” by Richard Watts
“The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” by Thomas J. Stanley and William D. Danko
“Every Family’s Business: 12 Common Sense Questions to Protect Your Wealth” by Thomas William
“Beer Money: A Memoir of Privilege and Loss” by Frances Stroh
“Extreme Ownership” by Jocko Willink
“The Art of Racing in the Rain: A Novel” by Garth Stein

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About Our Guest:

Richard Watts, lawyer, author, columnist, speaker, and problem solver, is the wise counsel to many of America’s wealthiest families. They rely on him to guide their families and journey through the rapids of life. From behind these castle walls, Richard provides the wisdom and counsel to avoid the pitfalls of excess and entitlement. The founder of Family Business Office ® (“FBO”), Richard was admitted to practice law in 1982 and is an alumnus of the Harvard Business School. He has appeared on numerous television programs and authored articles as an expert on how money often complicates the “simple life”. Author of Fables of Fortune: What Rich People Have That You Don’t Want, and Entitlemania How Not To Spoil Your Kids, And What To Do If You Have!