episode: 35

listen now

About This Episode

Every parent strives to teach their children the right values around money to ensure they will become responsible individuals and be able to secure their future.

But how do you start having those conversations with your children? How do you keep them grounded when they’ve grown up with wealth? When should you start talking to them about transitioning your wealth?

Whether you’re a business owner, professional, or an executive, the best time to start planning around your family and wealth is now. Author Steve Legler joins us to share his expertise around family dynamics, wealth, and successful inter-generational transitions.

Steve Legler is a family legacy guide and advisor who helps families turn their dreams into a workable plan, using a step-by-step method to get everyone on the same page and ensure that the wealth transition goes smoothly and the legacy continues.

In this episode, Steve, Ruben, and Keith talk about the main issues families experience when it comes to transitioning family businesses, how to approach talking to your kids about money, when to start talking about your will and wealth transitions, and so much more!

Thank you for listening!

Key Topics:

  • Introducing Steve Legler (1:01)
  • Why we created this episode for Canadian investors (2:13)
  • How Steve helps families as a Family Legacy Guide (5:45)
  • Steve’s family business background (6:53
  • How a family office works (8:59)
  • Preparing a rising generation family group to take over a family company (11:43)
  • Steve’s thoughts on Succession (14:13)
  • Working with a rising generation family group to wind down a family business (16:09)
  • Steve’s realization that he wanted to work with business families (18:46)
  • How Steve rounded out his skill set as a family business advisor (20:48)
  • The value of personal experience (22:41)
  • How to think about teaching your kids about money (25:12)
  • Making money an acceptable topic of conversation (26:49)
  • Instilling good money values in your children (28:00)
  • Leaving your kids with as much money as they can handle (31:09)
  • The problem with withholding wealth (32:14)
  • Long-term discussions about wealth transition (35:29)
  • When to talk to your children about your will (37:38)
  • Why equal isn’t always best for dividing your wealth (39:19
  • Why clear communication is crucial (40:14)
  • How to plan a family meeting (42:38)
  • Essential elements of discussions about inter-generational wealth transition (45:43
  • What to think about when choosing your executors (48:29)
  • The key to good family governance (50:46)
  • Building your legacy (52:34)
  • Why respect is at the core of a successful wealth transition (54:36)

Meet your hosts

Keith Matthews

Keith Matthews

Partner & Portfolio Manager

linkedin  email  phone

Ruben Antoine

Ruben Antoine

Portfolio Manager

linkedin  email  phone

Marcelo Taboada

Marcelo Taboada

Associate Portfolio Manager

linkedin  email  phone

Thanks for Listening!

Be sure to subscribe on AppleGoogleSpotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112

Follow Tulett, Matthews & Associates on social media on LinkedInFacebook, and more!

Follow The Empowered Investor on FacebookLinkedIn, and Instagram

Related Episodes

Death & Taxes: What you need to know.
Death & Taxes: What you need to know.

In this episode, Ruben and Hugh talk about the role of the executor of the estate, why it’s important to work with legal and financial professionals for estate planning, the implications of not having a proper will, how different types of investments are treated after death, why the winding up of an estate takes so long, and so much more!

read more
Tax Planning for Medical Professionals with Riccardo Zerbino
Tax Planning for Medical Professionals with Riccardo Zerbino

In this episode, Marcelo, Ruben and Keith talk about how the Delta variant has impacted investors so far, what we’ve seen in the bond and stock markets, the pitfalls you need to avoid as an investor, why your investment philosophy is your biggest asset, and so much more!

read more
Voluntary Disclosures: You can run but you can’t hide
Voluntary Disclosures: You can run but you can’t hide

With increasing global connectedness, the world today is smaller than it’s ever been. Countries are coming together to share information in a global trend towards greater transparency and with that, undeclared assets are much more likely to be discovered. So if you’ve found yourself in a situation with undeclared assets, what can you do to get on the right side of things?

read more

Stay up to date with the latest episodes

© Copyright 2022  |  Tulett, Matthews & Associates        Conflict of Interest Disclosure      Privacy Policy      Legal