John E. Chapman
Chief Executive Officer
Imagine a family gathered around their dining table, grappling with a decision that could shape their legacy for generations. The parents, having built significant wealth through years of hard work, are debating whether to gift assets to their children now or wait until later. They worry about how this decision might affect their relationships, their children’s sense of responsibility, and even the family’s shared values. These are not just financial questions—they are deeply human ones, where the invisible implications of each choice hold as much weight as the visible outcomes.
We have the privilege of walking alongside families as they navigate these decisions. The challenges they face are rarely just about money. Families who have earned significant success often struggle with making decisions that extend beyond financial metrics—decisions that shape values, relationships, and the legacy they hope to leave behind. How do priorities evolve over time? What will matter most to future generations? How do we balance what can be measured with what can only be felt?
These are not questions with clear-cut answers, and yet, they must be addressed. Planning is about more than numbers—it’s about adaptability, wisdom, and understanding that the unseen impact of a choice can be just as profound as the seen. As we guide families through these moments, our role extends beyond structuring strategies; it is about helping them reflect on the broader implications of their decisions.
The Relationship Between Wealth and Family
One of the most overlooked aspects of wealth planning is its effect on relationships—both with money itself and with the people who matter most. It’s not just about financial outcomes; it’s about ensuring that decisions align with what truly matters.
Consider the common strategy of gifting assets to heirs during one’s lifetime to reduce future tax liability. On paper, it makes sense. But in practice, it can introduce emotional complexities. How does it feel to transfer ownership of a family home and start paying rent to your children? Does relinquishing control create strain that outweighs the financial benefit? These are real concerns that require thoughtful exploration.
Unequal treatment among heirs can also raise difficult questions. Suppose one child is financially successful while another struggles. If a parent’s goal is to ensure a certain standard of living for all children, the decision to allocate more to one than another may be justified. But what does that mean for family harmony? How will those decisions shape the relationships between siblings? Wealth is not just about numbers—it’s about people, emotions, and the unspoken expectations that exist within families.
The Burden of Wealth
The responsibilities that come with wealth extend far beyond financial management. The strategies that make sense on a balance sheet often require ongoing administration—tax filings, legal oversight, trustee responsibilities. Have we considered who will carry that burden? Are heirs prepared for the roles they will be asked to play?
A common estate planning tool, for example, is to place one child in the role of trustee over another. This can be practical, but it can also create tensions. What happens when a sibling must deny a request for a distribution? How does that affect their relationship? These are the invisible consequences of financial decisions—the ones that cannot be modeled in spreadsheets but can be felt for a lifetime.
Seeing the Whole Picture
It’s easy to focus on a single goal—minimizing taxes, preserving assets, maximizing financial returns. But wealth is multidimensional, and the most impactful decisions often involve trade-offs.
Take, for example, the decision to purchase a family vacation home. Financially, it may reduce the total wealth passed down due to upkeep costs and slower appreciation rates compared to other investments. But what about the memories it creates? The sense of belonging it fosters? The way it strengthens the bonds between generations? Family capital is harder to quantify, but no less valuable.
Even a decision that seems straightforward can evolve over time. A vacation home that once united a family can later become a source of conflict—who gets to use it, who maintains it, who carries the financial responsibility? Setting up a trust to govern its use may solve one problem but introduce others. Does preserving the home come at the expense of other priorities? If an heir faces financial hardship, would they rather have access to funds set aside for property expenses? These are the kinds of questions that require a broader perspective.
The Role We Play
Making decisions in the face of uncertainty is never easy. Every choice carries implications beyond what is immediately obvious, and it is in these complexities that we provide the greatest value. Our role is not just to help structure plans but to illuminate the full impact of those plans—financially, emotionally, and relationally.
The best place to begin is with clarity: What truly matters? What legacy do you want to leave behind? From there, the right path begins to take shape—not just for today, but for generations to come.
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