The transition of wealth from one generation to the next is one of the most significant financial events for a family. For young adults preparing to inherit assets—or those receiving gifts that accelerate their financial journey—the experience can be both empowering and overwhelming. Managing this responsibility well requires not only technical knowledge but also maturity, foresight, and a clear sense of purpose.
The following guidance is designed for those poised to inherit wealth, whether today or in the future. These insights were authored by Mark A. Shiller, an estate planning attorney and family wealth advisor with more than 30 years of experience. He is also the author of How to Not Ruin Your Kids with Money, a practical guide to helping families preserve values along with wealth.
Tip 1: Do not rely on gifts or future inheritances
Some of the basics of financial independence for young adults are more expensive on average than they were a generation ago. Housing is a prime example. If parents or others can help get you staked to a place otherwise out of your reach, make sure you can handle the upkeep and maintenance of the home independently. It can be financially catastrophic if you end up being forced to sell because you get over your skis with expenses.
Tip 2: Embrace the opportunity to benefit your family as a whole
If you are going to receive a gift or inheritance, do not look at it as just a resource for you to spend or invest. Consider how you can manage the resources not only for your benefit, but also for the betterment of your family, community, and the world at large.
Tip 3: Play the long game
As recent markets have shown us, asset values can go up and down – and sometimes up and down very quickly. While it is important to think about what this might mean in the short term, look for ways to set yourself up for longer-term success. Funding an IRA (particularly a Roth as available) when the market is lower, for instance, might have significant long-term benefits for you and your family.
Tip 4: Be prepared for big problems
We do not like to think about worst-case scenarios. But if they arise, not planning for them can lead to catastrophic impacts. For instance, young couples and young parents are often underinsured against loss of life. Many also do not take the simple step of doing a Will to name guardians, too. Odds are that the worst case does not come up – but if it does, this type of planning and forethought will be incredibly impactful.
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Whether you are planning to pass wealth on to the next generation or preparing to inherit it, the choices you make today will have a lasting impact.
At Legacy Private Trust, we help families navigate the complexities of wealth transfer with clarity, purpose, and personalized guidance. From estate planning to trust management to financial education, we are here to support both generations—those giving and those receiving.
About the Author
Mark A. Shiller is a veteran estate planning attorney and wealth advisor who has dedicated his career to helping families navigate the complexities of wealth transition. His book, How to Not Ruin Your Kids with Money, offers a straightforward and compassionate framework for guiding heirs toward responsible, values-based financial stewardship. It covers everything from goal-setting and generational communication to the role of trusted advisors and long-term financial health.
Legacy Private Trust Company is excited to welcome Mark A. Shiller as a featured presenter at our exclusive client appreciation event this summer. Attendees will have the opportunity to hear directly from Mark as he shares his insights on preparing the next generation for inherited wealth. All attendees will receive a copy of his book, providing a practical resource to continue the conversation within their own families.
If you are a Legacy client and have questions, please do not hesitate to contact your Legacy advisor. If you are not a Legacy client and are interested in learning more about our approach to personalized wealth management, please contact us at 920.967.5020 or connect@lptrust.com.
This newsletter is provided for informational purposes only.
It is not intended as legal, accounting, or financial planning advice.
