Generational wealth is being squandered on Vancouver Island through poor planning. A lack of planning, documentation and open dialogue can also lead to family conflict, legal disputes, tax inefficiencies, unintended beneficiaries, and business instability. These were some of the considerations brought forward by thought leader and best-selling author Dr. Thomas Deans, a renowned expert on generational wealth transfer, during a Nov. 6 visit to Campbell River. The evening, hosted by the Campbell River Community Foundation at the Tidemark Theatre, aimed to spark conversation on what happens when B.C. families fail to plan for the future, and transform discussions on charitable giving, legacy and estate planning. Deans, author of the best-selling family business book “Every Family’s Business: 12 Common Sense Questions to Protect Your Wealth,” discussed the pitfalls of not having an estate plan in Canada. Deans noted how there is an entire generation in Canada that feels completely trapped when it comes to transitioning their wealth, amidst an era marked by the widespread accumulation and concentration of wealth. When individuals die without a will or a clearly communicated estate plan, their wealth does not simply transfer; it often unravels, he said. With his talk, the goal was to challenge traditional beliefs and broaden perspectives on how generational wealth can be passed down to maintain and enhance both family ties and the wealth itself. Deans urged participants to rethink the concept of wealth transfer. Instead of viewing it as a single event – often occurring at death – he proposed it should be a deliberate, multi-generational dialogue. The night began with a screening of the documentary “UnCharitable,” which critiques the traditional constraints that limit non-profit organizations in fulfilling their missions. Deans also explored the legal and financial aspects of estate planning, business succession, and strategic philanthropy in a practical discussion with a panel of local experts.
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