Passing Wealth to the Next Generation: Gifts, Trusts, and the Conversations That Matter Most

How do you transfer wealth to your kids and grandkids in a way that actually sticks? It’s one of the most common questions we hear, and one of the few in financial planning with no formula for an answer. Dan Borst puts it about as plainly as it can be put: it “boils down to, let’s sit down and talk about you, what your goals are. Life is complicated, families are complicated.” Every family is different, every relationship is different, and the right approach depends on understanding both.

Jeff Williams sat down with Dan Borst of Warner Norcross + Judd to dig into the decisions families face when passing wealth down, and why the conversation itself may be the most valuable part of the plan.

A safety net, not a crutch

Nearly every parent we work with wants the same thing: children who are responsible, financially independent, and started off on the right foot — not heirs waiting on an inheritance.

A well-designed trust can do things an outright gift can’t. It can protect assets from a child’s creditors, a failed marriage, or a lawsuit, while still building in the flexibility to fund a first home, launch a business, or pay for education. As Dan describes it, “it can be a safety net that you can provide for your kids,” with one important caveat: “you don’t want it to be a crutch.”

The case for giving during your lifetime

For generations, the default was to hold wealth until death and pass it on all at once. That default is changing, and longevity is a big reason why. As Jeff puts it, simply “accumulating wealth and having a big estate that gets passed down upon death … often times really doesn’t benefit their kids that much.” Dan tells a story that captures it: a client who called him at 102 years of age, sharp as ever, wanting to amend her trust, because so many of the original beneficiaries had passed away that her estate was headed to grand-nieces and grand-nephews she had never met. When parents live into their 90s and beyond, children may not inherit until they’re in their 70s, long past the years a gift could have made the biggest difference.

Lifetime giving lets you provide support when it matters most, and it comes with a benefit no bequest can offer: as Dan says, there’s “great joy in watching your kids flourish” — the joy of watching your generosity make a difference while you’re here to see it. The counterweight is making sure you don’t give away what you may still need. As Dan notes, “you may have expenses in your 90s that you just didn’t have in your 70s.” Determining what you can comfortably give, and when, is exactly the kind of question your financial plan should answer.

When families own things together

A cottage, a business, a shared charitable fund — joint family ventures can accomplish more than any one member could alone. But as Dan is quick to note, they’re double-edged: the same things that “can be so much more enjoyable together” can also become “the source of great sorrow and frustration.” For some families, a written framework like a family charter brings clarity: shared rules, clear expectations, and a structure where the loudest voice in the room isn’t the one that always wins, and every voice is heard. But even without formal governance, Dan says the real value often starts somewhere simpler: just carving out the time to sit down together.

The takeaway

Wealth transfer isn’t a one-time event. It’s an ongoing process — one that rewards intention, input from your advisory team, and honest conversations with the people you love most.

If you’re thinking through how to support the next generation, contact the Grand Wealth Management team — sometimes the most valuable plan starts with a single conversation.

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_{Disclosure: The opinions referenced are as of the date publication and are subject to change without notice. This material is for informational use only should not be considered investment advice.}