A guide to starting multigenerational financial planning
Planning for your financial future can be overwhelming. And it’s even trickier when you’re thinking about your kids, parents, and maybe even grandchildren. It’s a big emotional and financial load to carry.
The good news is you don’t have to figure it all out overnight. With some intentional planning, a few honest conversations, and the right support, you can start building a financial plan that supports your family for the long haul.
This guide will walk you through:
Examples of what multigenerational financial planning looks like
How to talk about money with your family and why it’s important
Working with a financial planner and digital tools to help you track progress, collaborate, and make informed decisions
A general outline of things to start working on or thinking about if you’re not ready to loop in a financial planner
tl;dr
- Talking about money with your family might feel awkward at first but the conversations build trust.
- Family money chats are also a chance to teach your family money skills you wish you had growing up.
- Getting started might feel daunting but we provide a list of steps you can take to make it more manageable.
1. Understand what multigenerational financial planning means
Multigenerational planning isn’t just about leaving an inheritance someday. It’s about making sure your family isn’t scrambling, stressed, or Googling “What do we do now??” in a crisis. It can look like:
Protecting family wealth. Make sure the money, investments, and property can support your kids, grandkids, and beyond. This might look like setting up a trust so your kids or grandkids can tap into money for college or their first home.
Passing on financial knowledge. Teach your kids and grandkids how to manage money. For example, you could have a monthly “family finance check-in” to go over budgeting, savings goals, or investment basics.
Balancing your goals with your family’s needs. Yes, you can live your best retirement life and help your family plan for theirs. Fund your retirement first, then add in college savings or whatever long-term goals matter most.
Planning for the plot twists. Life will absolutely throw curveballs. Emergency funds, insurance, and a backup plan for medical or financial surprises keep everyone from spiraling when the unexpected hits.
2. Talk about money early and often
Money can be awkward to talk about but multigenerational planning works best when your loved ones know the plan and why it matters. Plus, it helps pass down wisdom, habits, and confidence. Here’s how:
Be open about goals and priorities. Share what you picture for retirement, how you want to support your family, and the legacy you hope to leave. Sit down with your partner or children to outline what’s important, like retirement lifestyle, college funds, or a family home. You want to make sure everyone’s on the same page.
Teach financial literacy. Give your kids the money skills you wish you had growing up. Walk them through budgeting, saving, and basic investing using everyday moments, like grocery shopping or what a family trip will cost.
Encourage questions. Create a no-judgment space where your family can ask about money without feeling embarrassed. Try hosting quarterly money talks where kids or grandkids can ask anything from “What’s a 401(k)?” to “How do we save for a house?”
Build independence. Give your kids responsibility while providing guidance. For example, give your teen a small investment account to manage, then check in monthly to review performance and lessons learned.
Share lessons learned. Talk about mistakes and successes so your family can learn without repeating them. Share how you navigated debt, investments, or big purchases, and what you’d do differently.
3. Start small and go slow with your parents, if needed
If your parents are joining the multigenerational money conversations, you might notice that topics like finances, aging, or legacy can stir up fear, guilt, or old family patterns. It might help to start small and begin with gentle, empathetic chats about goals, concerns, and priorities. The goal is to create understanding so that everyone feels heard. Ways to go about this are to:
Ask gentle questions. Keep it soft and curious. Ask questions like, “What’s your ideal retirement?” or “How do you want us to handle things as a family?”
Listen without judgment. Your parents’ experiences with money shaped them, just like yours shaped you. The goal here is to understand, not to correct or control.
Look for common ground. Focus on shared goals. What do you all care about most? Security, education, flexibility, generosity? These shared values become your guideposts.
4. Partner with a financial planner to hit your goals sooner
Think of a financial planner as your coach. They know the playbook, can help you avoid mistakes, and give you tools to reach your goals faster. A good financial planner should be able to help:
Balance your own retirement with your family’s future needs.
Understand how to pass on wealth or assets efficiently and thoughtfully.
Create flexible plans that adapt as life changes.
5. Create a financial plan
If you’re not ready to work with a financial planner, this general roadmap can help you along until you’re ready.
Pay off your debt. Chip away at high-interest debt so you have more breathing room to save and invest.
Set up an emergency fund. Keep a cushion for those “Oh, no!” moments. These might be a separate savings account for medical bills, home repairs, or short-term financial shocks like emergency vet visits, urgent trips, or temporary loss of income.
Build your retirement savings. Max out employer contributions, IRAs, or other accounts so your future self can live comfortably.
Look into education funding options. Options like 529 plans, custodial accounts, or trusts can help kids and grandkids reach their goals without stress.
Think about estate planning. Wills, trusts, and powers of attorney make sure your money and wishes are handled smoothly across generations.
Level up your investment strategy. Diversify wisely to grow wealth safely while keeping the long game in mind.
Support elderly parents or relatives. Help them maintain independence and security without draining your own resources. This could mean contributing to healthcare costs, helping with bills, or setting up powers of attorney so you can make decisions if they’re unable.
Leave a charitable or family legacy. Give back in a way that matters to you while setting an example for your kids and grandkids. You could create a donor-advised fund, leave a portion of your estate to a favorite cause, or start a family tradition of philanthropy. It’s about passing on values as much as money.
Loop in financial professionals. Financial advisors, estate planners, and tax experts can help simplify complicated parts. A small step could be scheduling a one-hour meeting with a financial planner to review your goals and options.
Review and adjust regularly. Life changes. Your plan should, too. Check your plan annually to see if retirement contributions, savings goals, or family needs have shifted. These could be a marriage, changes in health, or losing one’s job.
Have a contingency plan. Figure out ahead of time who handles money if you can’t. Set up powers of attorney, backup decision-makers, and a plan everyone understands.
Document everything. Keep your wills, instructions, and key info in one place. A simple folder—digital or physical—makes life so much easier for your family and prevents the “Where is everything?” panic later.
6. Be patient
The heart of multigenerational planning isn’t just money. It’s love. It’s care. It’s wanting your family to have options, opportunities, and less stress. But it doesn’t happen overnight. Be patient. Growing wealth is a marathon, not a sprint.
Bring us your goals and dreams
We’ll help you shape them into a plan you can actually follow. Together, we’ll make the future feel a whole lot less overwhelming.
This material is intended for informational/educational purposes only and should not be construed as investment, tax, or legal advice. CURO Wealth Management does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.