by Keenan P. Call, JD, CPWA^®, ABFP^®, Director, Family Office Services

Estate planning, when approached thoughtfully, is about much more than transferring assets—it’s about preparing a family to carry forward its values, responsibilities and long-term vision. By integrating family dynamics and structured family summits into the planning process, families can build clarity, cohesion and leadership across generations. This shift from transactional to intentional planning transforms wealth into a legacy of purpose, reinforced by governance, education and connection.

Introduction
In this article, we will explore how to build a family education plan, conduct impactful family summits and communicate across generations to foster continuity, stewardship and a purposeful legacy.

While studies suggest that up to 70% of wealth transfers fail, often due to a breakdown in communication, trust and lack of preparation among heirs¹, families who adopt a proactive and values-based approach to estate planning may be better-positioned to defy that trend. For affluent families, sustaining wealth across generations requires more than legal documents and tax strategies; it demands preparation. Thoughtful estate planning is not simply about transferring assets but about equipping a family to carry forward its values, responsibilities and long-term vision. The adage, “Shirtsleeves to shirtsleeves in three generations,” need not be a foregone conclusion. By weaving meaningful conversations, ongoing education and structured family summits into the planning process, families can foster cohesion, build leadership and strengthen stewardship across generations. This intentional approach transforms wealth from a static inheritance into a lasting legacy.

Cultivating Stewardship for Generational Legacy
Family wealth encompasses more than financial capital; it also includes the human, intellectual and social dimensions that define a family’s identity and cohesion. While financial assets provide opportunity, they alone are insufficient to sustain unity or purpose across generations. Families that successfully preserve their legacy often recognize the importance of cultivating shared values, encouraging financial literacy and fostering open, intergenerational communication. These elements support not only informed stewardship but also alignment around long-term goals. Estate planning, when viewed as an ongoing and adaptive process rather than a single event, offers a framework for integrating these broader forms of capital. By integrating financial, human, intellectual and social capital into a unified strategy, families can enhance their ability to preserve their legacy and fulfill a long-term vision.

Navigating Family Conversations Across Generations
One of the most sensitive aspects of estate planning is preparing heirs for the responsibilities that come with significant wealth. Many parents worry that wealth might reduce motivation or lead to entitlement. To address these concerns, families are encouraged to approach communication with intention and care by treating it not as a one-time event, but as an ongoing, age-appropriate process.

A helpful strategy is to think of communication like a dimmer switch. Just as a dimmer switch allows you to incrementally adjust the light in a room based on the setting or need, families can incrementally introduce information about financial matters, responsibilities and planning based on the understanding and stage of development of the audience. Rather than overwhelming heirs with detailed information all at once or delaying important conversations, families can introduce financial and governance concepts in phases that align with each heir’s maturity and readiness. This pacing fosters deeper understanding, reduces entitlement risk and helps heirs view wealth as a tool for opportunity and purpose.

Family summits offer one valuable forum for these conversations, but they should not be the only one. Discussions around wealth, values and responsibilities are best embedded in everyday interactions and reinforced over time through lived experiences, mentorship and consistent messaging from parents and advisors alike.

Building a Family Education Plan
To bridge the gap between values and understanding, families often need more than informal conversations. They can benefit from a structured, evolving education plan that prepares heirs to navigate both financial complexity and family responsibility. A thoughtful education plan goes beyond teaching investment fundamentals; it fosters leadership, collaboration and communication skills that are essential for contributing meaningfully to the family enterprise. When tailored to each generation’s stage of life, these plans help cultivate a sense of purpose and stewardship, increasing the likelihood that rising generations are not only informed, but also engaged and equipped to carry forward the family’s legacy. Key areas of focus include:

• Governance: Defining roles and responsibilities among family members, entities and advisors to ensure clarity and accountability.
• Philanthropy: Exploring charitable giving, family values and mission, while aligning philanthropy with long-term legacy goals.
• Legacy and Engagement: Preserving the family’s unique characteristics, history and heritage, and clarifying each member’s role in the family, business and community.
• Family Business: Educating heirs on ownership structures, management responsibilities and the business’s long-term impact on future generations.
• Investment and Financial Literacy: Teaching principles of wealth management, investment strategies and responsible spending.
• Estate Planning Awareness: Introducing heirs to existing or planned estate structures and helping them develop a clear understanding of their future roles and responsibilities.

Education plans should evolve with each generation, providing age-appropriate engagement that develops over time. Younger family members may begin with foundational financial literacy, while more experienced members gradually take on advanced roles in family governance, philanthropy and long-term decision-making.

Structuring Family Summits for Long-Term Success
Family summits provide a structured, intentional space for families to implement an education plan, foster shared understanding, clarify values and develop leadership capacity. By turning abstract goals into coordinated conversations, these gatherings help prevent future conflict and promote long-term alignment. Family summits can serve as a platform to:

• Educate Heirs: Family summits provide an opportunity for execution of a Family Education Plan.
• Establish Internal Structures: Family summits create a forum to develop and reinforce shared guidelines that support decision-making, role clarity and conflict resolution.
• Define Values and Mission: Families can use family summits to define and refine a family mission statement that reflects their legacy and guides financial and personal stewardship across generations.
• Facilitate Difficult Conversations: A well-facilitated family summit offers a safe environment to address sensitive topics, align expectations and reduce the potential for misunderstandings or disputes.
• Prevent Legal and Tax Complications: Engaging trusted advisors during summits helps ensure wealth transfer strategies are coordinated, compliant and optimized for long-term success.
• Plan Business Succession: Summits provide an opportunity to discuss ownership transitions, identify future leaders and align family members on the business’s long-term vision and structure.
• Collaborate with Advisors: Involving professional advisors in family discussions enhances transparency, strengthens strategic planning and supports informed decision-making. Summits also ensure that all generations are introduced to, and feel comfortable with, the advisory team—fostering trust and continuity across transitions.

Summary
Stewardship is the link between wealth and legacy. Families that embrace intentional planning, open communication, and shared leadership can transform complexity into clarity and assets into lasting impact. Through the Oxford Family Summits Process, we help families turn their long-term goals into meaningful conversations, strategic decisions and sustained alignment across generations. Our team is committed to supporting your family through each step of this journey.

[1] Research study by Roy Williams and Vic Preisser, The Williams Group, 2002, as cited in Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values, Roy Williams and Vic Preisser, 2011. Oxford Financial Group, Ltd. is an investment advisor with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Oxford Financial Group, Ltd.’s investment advisory services can be found in its Form ADV Part 2, which is available upon request. The information in this presentation is for educational and illustrative purposes only and does not constitute tax, legal or investment advice. Tax and legal counsel should be engaged before taking any action. This presentation has been prepared from original sources and data believed to be reliable. However, no representations are made as to the accuracy or completeness thereof. The opinions expressed are those of Oxford Financial Group, Ltd.’s Family Office Services technical team. The opinions referenced are as of the date of the publication and are subject to change due to market, economic conditions, or regulatory changes that may not necessarily come to pass.OFG-2505-29