The WWII Generation Has More to Pass On Than Just Assets

A new buzz word in the financial service industry is “holistic wealth management.” This is an approach to managing wealth that looks at all of the areas of someone’s finances – not only their investments but taxes, insurance and even legal needs. One of the areas I feel gets the least attention is an approach to passing on the legacy of wisdom from one generation to the next.

Out of all of the groups I have worked with, World War II veterans have always had a special place with me. They have a strength, courage and integrity that is unmatched by any other generation (at least in my opinion), and I am so sorry to see that all of the sacrifice and effort my WWII veterans put into accumulating their wealth and the desire for their families to have it easier than them could be lost in one generation. (Some statistics show that an inheritance is usually blown within 1-2 generations.)

One way to prevent this is to consider adding a way to pass along family stories, life lessons and family traditions as part of holistic planning. Many estate planning attorneys are already incorporating this as part of their overall estate plan. Some create videos of life lessons learned. Others have workbooks that guide people into answering questions that give their life story at the end of the workbook.

A number of attorneys even create a document called an “ethical will.” This document is not a legal document. It’s simply a way to bequest life lessons learned, the writer’s goals for how they want their assets to be used, and their vision for their family.

The WWII veterans’ stories of how they accumulated their wealth are amazing. I had one veteran who recycled cans to feed his family during the depression, lied about his age to join the army during WWII, then used the GI to get his college degree and worked hard saving and investing to become a multi-millionaire. I always felt if their family knew of all of the hard work and sacrifice that went into creating the wealth, they would think twice about how they spent their inheritances.

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