We’ve all heard the statistics and read the articles about the pro athlete or entertainer who lived a life of luxury for years, spent money freely, gave it away, didn’t respect it, and then one day, they were no longer at the height of their fame and success, the dollars stopped coming in, and they were flat broke. However, what doesn’t get reported on nearly as much is the phenomenon of wealthy families who lose their fortune across just one or two generations.
In this episode, Malcolm Ethridge sits down with Amy Castoro, president and CEO of The Williams Group, as they discuss the process and preparation for a smooth transfer of wealth among multiple generations. Amy illustrates the critical need for open communication about more than just money in order to maintain healthy family dynamics during and after a wealth transfer..
Amy discusses:
- Maintaining healthy family dynamics during the transfer of wealth between generations
- What to consider as you begin to think about the role you want your wealth to play in the lives of the people you care about
- Communication strategies to help families build trust when talking about money
- How much financial support is too much support to offer your adult children
- And more
Resources:
- The Williams Group: Wealth Transition Quiz
- Bridging Generations: Transitioning Family Wealth and Values for a Sustainable Legacy
- Just Inherited a Retirement Account from a Loved One? Here’s How to Keep the IRS from Taking Half
- Just Inherited a House from a Relative? Here’s What You Should Know
Connect With Amy A. Castoro:
Connect With Malcolm Ethridge:
- The Tech Money Podcast
- LinkedIn: Malcolm Ethridge
- Connect with Malcolm
- @MalcolmOnMoney
About Our Guest:
Amy Castoro is the president and Chief Executive Officer of The Williams Group, which prepares families for the smooth transfer of wealth among generations.
For ten years, Amy has specialized in preparing high-net-worth families to successfully transition their wealth while keeping their families united and in control of their assets. She is an accomplished author, keynote speaker, and senior family coach. Amy leads family members; high-net-worth advisors; business leaders; executive managers; and teams from Fortune 500 companies, startups, and nonprofits to innovate, lead, and work better together. Amy’s experience with The Walt Disney Company, Adecco Corporation, and Grant Thornton Management Consulting provide her with a strong foundation of leadership in organizations.
Amy is the author of Bridging Generations—Transitioning Family Wealth and Value for a Sustainable Legacy. She holds a bachelor of arts degree in organizational psychology from Adelphi University in Garden City, New York, and is a Master in Somatic Coaching through the Strozzi Institute. Also, Amy completed a three-year business course with Hecht and Associates that emphasized the design of new offers and optimizing threats and opportunities in business.
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