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David P. McCabe,
WMCP®, ChFC®, CLU®
Financial Planner
Nathaniel D. High, RICP®
Financial Planner
Nicholas J. Over, CFP®
Financial Planner
Sara E. Martin
Client Relations Manager
Jennifer A. McCabe
Client Relations Specialist
jennifer.mccabe@prudential.com
Centuria Financial Group
2333 Baltimore Blvd Suite B
Finksburg, MD 21048
Phone: 443-952-7232
March/April 2023
Preserve Generational Wealth
Creators of generational wealth have many talents. People with a high net worth (HNW) have learned how to build businesses and create succession plans. They understand the importance of tax strategies to preserve wealth and estate planning to pass on that wealth.
However, stories abound of families that squandered inherited wealth. There is a good chance this occurred because HNW parents did not instill financial responsibility in their children. You can teach your children and grandchildren to preserve wealth by emphasizing the importance of establishing the following three factors:
Emphasize a Work Ethic
Whether you run a business or a foundation, your children need to understand the importance of a strong work ethic. Your obligation is to teach them everything you know. Their responsibility is to listen, learn and work. Wealth doesn’t happen by itself. It is created and preserved.Create a Value Statement
A work ethic is only one value that has helped you accumulate wealth. You run your business, your charitable endeavors and your life by adhering to values and unwritten rules. Why not work with your children to put your values into words, incorporating their input where possible? A value statement gives your children a road map that provides clarity and certainty.HNW individuals work as hard to transfer wealth as they do creating it.
Never Stop Communicating
Many high-net-worth families experience conflicts and even a wealth drain when they don’t communicate regularly. Communication is a two-way street, so be prepared to receive input as easily as you give it.For example, communicate with your children regularly to learn about their skills and level of interest in your enterprise. If one child wants nothing to do with your organization(s), you can work with your financial professional and estate planning attorney to draft a plan to equalize your estate for the non-successor in your family.
From cradle to grave, your children can learn to live in ways that help ensure your estate is preserved for generations to come.
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Centuria Financial Group is not affiliated with Prudential Financial. Centuria Financial Group sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Centuria Financial Group is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Centuria Financial Group and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Sara E. Martin and Jennifer McCabe are employed by David McCabe and not The Prudential Insurance Company of America or its subsidiaries.
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