More families are talking about money. That is a good thing.

For many years, money was one of the topics families simply did not discuss. Parents often believed it was best to keep their finances private, even from their adult children. Children frequently had little understanding of their parents' financial picture, estate plans or wishes until after a death or significant health event.

While every family is different, we have noticed a meaningful shift in recent years. More families are becoming open about their finances and are intentionally including children and future generations in financial conversations. In many cases, this openness is leading to better planning, stronger family relationships and smoother wealth transitions. As financial advisors, we have the privilege of sitting at the table during many of these conversations, and we have seen firsthand how valuable they can be.

Money is about more than numbers

One of the biggest misconceptions about estate planning is that it is simply about deciding who receives which assets. In reality, successful wealth transfer is often about transferring knowledge and values just as much as transferring dollars.

Parents spend decades making financial decisions, building businesses, saving for retirement, giving to charitable organizations and learning from both successes and mistakes. Those experiences are often just as valuable as the wealth itself. When those conversations never happen, children may inherit significant assets without understanding the discipline, sacrifices and values that created them. Financial capital is important, but intellectual and emotional capital can be just as valuable in preparing the next generation to become responsible stewards of family wealth.

Bringing the next generation into the conversation

One trend we have encouraged is inviting adult children to appropriate financial planning meetings. That does not mean children need to know every detail of their parents' finances or every investment account balance. Instead, these meetings create an opportunity for families to discuss the broader financial picture, explain how decisions are made and prepare the next generation for future responsibilities.

Adult children often gain a better understanding of how their parents think about investing, charitable giving, taxes and estate planning. Parents, in turn, gain confidence knowing their children understand where important documents are located, who their trusted advisors are and what they hope their legacy will accomplish. Perhaps most importantly, these conversations allow questions to be asked while everyone is healthy and able to participate, rather than during a period of grief or crisis.

An advisor can be more than an investment manager

One of the most rewarding aspects of our profession is watching financial planning become a multigenerational relationship. While much of our work involves investments, taxes and retirement planning, we often find ourselves serving another important role: helping facilitate conversations that families may not know how to begin on their own.

Sometimes it is easier for parents to explain their goals, values and intentions with a trusted advisor present. An advisor can provide structure to the conversation, answer technical questions and help ensure discussions remain focused on planning rather than emotion. These meetings are often less about investment performance and more about preserving family relationships, reducing uncertainty and preparing future generations to manage wealth responsibly.

Giving while you are living

These conversations also lead many families to ask another important question: Why wait until death to transfer wealth?

For many families, children need financial assistance much earlier in life than they do decades later. They may be purchasing their first home, paying for graduate school, raising young children or starting a business. These are often the years when additional financial resources can have the greatest impact. By contrast, many inheritances are received when children are already in their sixties or seventies. By that point, they have often built successful careers, accumulated retirement savings and become financially independent. While an inheritance is always appreciated, it may arrive long after the period when it could have made the greatest difference.

For families who have sufficient assets to maintain their own financial security, gifting during life allows parents to witness the positive impact of their generosity. Helping fund a grandchild's education, contributing toward a first home or assisting with a business opportunity enables parents to see their wealth improve the lives of those they love. Of course, gifting should never come at the expense of a parent's own retirement security. Maintaining sufficient assets for health care, long-term care and lifestyle needs should always remain the priority.

Passing along values

Financial gifts are often most meaningful when they are accompanied by conversations about responsibility. Parents have an opportunity to explain not only what they are giving, but also why they are giving it. They can share the importance of hard work, generosity, investing for the long term, avoiding unnecessary debt and supporting causes that matter to the family. Those conversations frequently become part of a family's legacy long after the financial assets themselves have been spent.

In many ways, the greatest inheritance parents leave behind is not measured in dollars. It is measured in the values, wisdom and perspective that shape how future generations manage those dollars. Families that communicate openly about money are often better positioned to preserve not only their wealth, but also the purpose behind it.

Final thoughts

Families have become increasingly comfortable discussing topics that previous generations often considered private, and we believe that is a positive development. Open communication allows children to become better prepared for future responsibilities, reduces uncertainty during difficult times and helps ensure that wealth is transferred with purpose rather than confusion.

As financial advisors, we view our role as much more than managing investment portfolios. We strive to help families navigate important life decisions, facilitate meaningful conversations and prepare future generations to become thoughtful stewards of the wealth and values entrusted to them. After all, successful financial planning is not simply about leaving an inheritance. It is about leaving a legacy.

Reid Schwartz is a columnist for The Item and Co-Founder of Creech Schwartz Wealth Management in Sumter, where he works as a financial advisor helping individuals, families, businesses, and nonprofits plan for long-term financial success.

*Tax and accountancy services are not available through or provided by Creech Schwartz Wealth Management or &Partners, LLC.

This article is for educational purposes only and not to be interpreted as tax or legal advice. Any tax planning strategies discussed by Creech Schwartz Wealth Management will be in conjunction with your tax/legal professional.

Securities and investment advisory services offered through &Partners, LLC, a broker-dealer and investment adviser registered with the U.S. Securities and Exchange Commission and member FINRA, SIPC.