Nothing destroys family wealth faster than court cases and legal fees. It’s important to avoid family disputes by cultivating cooperation, addressing problems early, and planning for the transition of power. The Irish tradition of a “tanist” – or designated protégé – is a good one. However, this second-generation leader should not receive special treatment or privileges.
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Successful multigenerational families have a strong family identity. They share a common narrative about who they are, where they came from, and what they believe in. Passing down family history, traditions, and rites of passage is important to create a sense of belonging and pride. Your family’s reputation and “brand” takes a long time to build; it should be something members want to protect.