“Younger family members can learn how the family works, how money works and grow the foundation,” she says. “This is a way to build and align accountability for heirs and make choices that benefit the family.”
She points out that younger generations are uncomfortable with wealth and feel pressure that they haven’t earned it or deserved it, so they feel worthless. That becomes a source of angst.
She said families must question whether the wealth is driving the family or whether the family is driving the wealth.
“Show kids how to spend money and avoid mixed messages,” Castoro advises. “Younger generations are asking for more transparency through the internet and want to be part of the team and have wealth grow. They want to be billionaires working together.”