Ian and Jeff Bryant are a sweet example of navigating the intergenerational transfer of wealth. Their parents Jacques and Sarah provided the tools they would eventually need to maintain family harmony. Ian inherited Evergreen Chocolates and his brother Jeff inherited other assets. Despite the potential for conflict arising out of inheriting very different asset types, they have a wonderful relationship.
This is not the typical outcome.
If equality or fairness is measured in dollars, they are inherently flawed. There is not a single situation where lifetime gifts and inheritance are done with cash. Inheritance is messy. Assets are hard to value, and each family member places different values on different assets. Plus, each person has different needs and perspectives.
Equal opportunity is the answer.
Principle #8: Create a Safe Environment.
Jacques and Sarah reinforced to Jeff and Ian that they were enough throughout their upbringing. Even though they were each different, with their distinct gifts and talents, they were equally loved and respected.
Unfortunately, the Green Family had a much different outcome. After Patrick Green died, his widow Jane was shocked at how quickly two of her four children started trying to control her decisions, relationships, and her money.
Read more about Evergreen Chocolates and important lessons learned from the Green Family’s misfortune in The Greatest Gift: 9 Principles for the Transfer of Your Legacy Along with Your Wealth.
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