I recently received a less-than-flattering DM on a social media platform about my decision not to leave my kids a big inheritance when I pass away. Here's the comment:
"What so after you're dead, your kids are going to find out from the lawyer that you did them dirty? That will be a nice surprise."
While it's not the most graceful message I've ever received, it matches a sentiment many people have shared with me. Stated another way, when and how will my kids find out that they won't be receiving a large inheritance?
Perhaps this is another weird take, but I expect them to know this their entire lives. In fact, I've had multiple conversations with my kids about how giving is the foundation of our family, and one day, everything we have will be given away to help people.
Do they understand the broader implications for themselves? No, not yet. However, conversations about legacy giving will hopefully become so normalized in our family that they won't see it as counter-cultural.
My job as a parent isn't to drop millions of dollars on my kids when they are 60 years old so they can finally live a comfortable retirement. My job as a parent is to train my kids to pursue work that matters, be financially responsible, understand the principles of discipline and sacrifice, become absurdly generous, and find meaning in their lives. Yes, I'd love to help them financially along the journey, but dumping millions of dollars on them while on my deathbed like some extravagant doomsday tooth fairy is not on my list of ways to serve my children well.
In an ideal world, my kids would someday lead the charge in the implementation of our legacy giving. In an even more ideal world, my kids would love the idea so much that they decide to replicate it in their own financial lives. To me, that’s legacy. To me, that’s love. To me, that’s the real definition of “generational wealth.” Using everything we have to serve others….period.
While I understand this topic draws out the anger and criticism more than practically anything else I write about, it also has the power to draw people to my side of the aisle. If you're on the fence about this and would be interested in chatting, look me up! I'd love to discuss more.
Until then, I hope this gives you something to think about today.....even if you ultimately disagree.
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