Common values and mutual respect are critical.
It’s often not necessarily wealth disparity that causes sibling conflict; rather, the values, history and behavior related to the wealth are at issue
The starting point for dealing with wealth disparity is having a common understanding of what family means for this generation and developing a shared vision for how to be a family in the future. This shared vision, based on the identification of shared values and expectations, should provide insight into the following questions:
- What does it mean to be a close, multi-branch family?
- How close to or involved with each other do we want to be?
- To what extent should we be able to rely on each other emotionally, financially and socially?
- What is our shared mission as a multi-branch family?
- Do we have one?
If siblings can answer these questions in ways that are compatible with each other, they will have a strong foundation. Here are 7 practical steps clients can take to manage sibling wealth disparity.
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