Ferguson Wellman Capital Management chief wealth strategist Mary Lago joins Wealth to discuss the "great wealth transfer" and optimal strategies for approaching intergenerational wealth planning.
"You want to transition that wealth to happen in a way that maybe benefits not only from the wisdom of the investment knowledge that has helped build these resources but also incorporates the values of the individuals that will be giving these funds away," Lago explains to host Brad Smith.
For families with younger generations, Lago recommends establishing Roth IRAs to help them "build comfort with investing," noting it ensures they "have some skin in the game so that they really care what's happening." She also advocates for donor-advised funds as a way to pass on family values alongside wealth.
"It's really about knowledge," she explains. "How can we help equip the future generation so that they are prepared?"
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This post was written by Angel Smith