The Best Way for Wealthy Parents to Talk to Children About Family Money

Many wealthy families face a tricky balancing act. On the one hand, they want to conceal important details even from adult children for fear of creating a sense of entitlement. But when parents are too secretive, it can make it much more difficult for the children when they eventually inherit those investments.

“The more secretive you are, the harder it becomes to talk about later on,” says Michelle Brownstein, a certified financial planner and director of private client services at Personal Capital in San Carlos, Calif.