A question we should ask ourselves is whether you will be leaving behind an inheritance or a legacy? What do we mean by this? It’s been said that 70% of wealthy families lose their wealth by the second generation, and 90% by the third*. While you may not think of yourself as being ‘wealthy’, consider this: Currently, Australians aged 60+ have produced in total 7,522,009 children. If, for example, 70% of their current total wealth ($3.5 trillion) were to be transferred to them, then each child would receive roughly $326,000^.
There are several things that you can do now to make sure your child is appropriately ready for this in the future. Click the button to see a short but informative video.