Over the next two decades, upwards of US$84 trillion globally is expected to pass from one generation to the next – both from the silent generation to boomers and from boomers to millennials.1 But before your hard-earned assets can be used by future generations, you’ll want to make sure they are passed down in the right way. You don’t want your family to squabble over your legacy or squander your estate away in a manner worthy of an episode of Succession.
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Family meetings are an important part of the family governance process. They act as the forum for discussions, sharing of information, learning and education, and decision making. The goal of family meetings is to build communication, trust, and connectivity in the family, through a framework of goals, structure, and engagement. Ultimately, they can assist with guiding family unity, and the successful stewardship of wealth.
On June 9, BMO Family Office held the first of a three-part virtual series with Stonehage Fleming entitled, ‘The purpose of Purpose’. Focused on the pressing issues facing families stewarding substantial wealth on a multi-generational level, the session kicked off with a few words from Neil Hershcovitch, Head of Investments at BMO Family Office.