episode: 35

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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

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Ruben Antoine

Ruben Antoine

Portfolio Manager

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Marcelo Taboada

Marcelo Taboada

Associate Portfolio Manager

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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

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