You’ve seen it, heard the stories, and maybe it has happened in your family–the dissension, fighting, greed, and legal actions when an inheritance is up for grabs. You’re thinking, “That won’t happen in our family.” Think again! It has been statistically proven that 70 percent of wealth is lost each time it transitions to the next generation and is completely gone when the third generation passes. Two primary factors are loss of trust and breakdown in communications. Working with families of all sizes and levels of wealth, but especially with high net-worth families, for almost twenty-five years, we learned the only way to overcome this deterioration is through a holistic, combined, and integrated financial and personal coaching program that builds a cohesive team of all living generations.
The Legacy Family: Father, Son, and Holy Coach by Kip Kolson is a great read. His book is a nonfiction guide that can help save many families from financial situations. Wealth is passed on to generation to generation. However, the family’s wealth can be lost within this process. Kip Kolson provides this read to help others prevent that loss from happening. He has the experience as banker, real estate developer, financial advisor and as a personal coach to back up his writing. The Legacy: Father, Son, and Holy Coach addresses wealth for families and family businesses. It’s also good for young and older couples. Learning how to manage many, life, and the estate is not easy. But reading this book helped me. It was like having a mentor, who walked me through each step with examples and tools along the way. Overall, I highly recommend this writer’s book to readers worldwide. It’s definitely a must have for all.