Image Source: Joris Louwes According to the data just 10 percent of families will see their wealth last three generations. How do parents better ensure their financial gains are maintained for the long-term? It seems almost pointless to amass any wealth if it is just going to be wasted once you are gone. Fortunately none of that has to go to waste. Yet it will mean taking a different approach than previous generations did. No Canadian investor can afford to ignore the fact above. Though first it is important to remember that none of us knows how long we&#x27ll live. While we can preserve looks and life a lot better than we used to be able to, that doesn&#x27t necessarily apply to extending working years. That means building wealth and passive income streams is still essential. Unfortunately the size of a nest egg doesn&#x27t really appear to translate into preserving wealth longer. It may help slow the bleed, but a heavy spender or careless investor can just as easily gamble away millions in a matter of minutes. Many billionaires have begun trending towards leaving their children very little at all. No one wants to create a spoiled generation that not only squanders their inheritance but carries that attitude over to the planet and everything else they touch. A lot of it comes down to education. What&#x27s ironic is that according to a U.S. Trust survey only 64 percent said that they discussed these financial matters with their children. If you&#x27ve been able to build great wealth or have done very well in Canadian real estate, why wouldn&#x27t you want to pass that knowledge on to your off springs? That can be even more beneficial and valuable than the cash. There are a variety of tools such as custodians, trusts and fiduciary services that can continue to manage your investment portfolio or real estate investments. This way they can continue to produce income and grow in value even when you aren&#x27t there. Every heir should be equipped to manage wealth as well as know where to look for more good real estate investments or advisors as early as possible. There is little that can beat the power of demonstrating by example. Explain what you are investing in, why and even get them investing with their inheritance long before they need it so that they work out the mistakes early.

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