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When it comes to passing wealth on to children, Carl Richards, a financial planner and author of The Behavior Gap, is clear that parents should not put off the discussion: âThe best time to learn to have conversations about money with your children is when they are small,â he said. âThe second-best time is now. Youâve just got to have these conversations â and they will be tough.â
Throwing family into the mix can ratchet up tensions around money and the fallout can tear families apart. Last year, a 41-year-old highly educated solicitor failed in a legal bid in the United Kingdom to compel his parents to continue their financial support for him. In another recent case in the U.K., a family racked up considerable legal bills before reaching a settlement with a daughter who had demanded a share of her family home.
Sarah Parker Schlesinger joins Continuity Family Business Consulting
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Continuity Family Business Consulting welcomed Sarah Parker Schlesinger, of Newton, as a senior consultant.
In this role, Schlesinger will oversee development of Continuity’s Center for Wealth Integration, which will help high-net-worth families and family enterprises navigate the opportunities and challenges of generational and shared wealth.
“We’re thrilled to welcome Sarah and to have her spearhead this important practice area,” said Continuity Managing Partner Blair Trippe. “Enterprising families nationwide are seeking increased guidance for their rising generation of family stakeholders and inheritors as they transition into leadership roles. Sarah’s specialized expertise and problem-solving acumen make her the ideal professional to lead this charge.”