Unfortunately, many families never have meaningful conversations about inheritance, estate planning, life insurance, investing, or financial education. As a result, assets that took a lifetime to build often disappear within one or two generations.

Studies frequently cite a troubling reality: much inherited wealth is lost within three generations not because families lack opportunity, but because they lack a plan.

June is an ideal time to reflect on legacy.

As we celebrate fathers, graduates, and family milestones, it is also an opportunity to ask a powerful question:

What financial legacy are we building for those who come after us?

A Story About More Than Money

Robert grew up in Southeast Washington, DC.

His parents worked hard. His father drove a bus. His mother worked as a nursing assistant. They were not wealthy, but they believed deeply in education and homeownership.

Over 35 years, they paid off their modest home.

When Robert’s father passed away unexpectedly, the home became his mother’s greatest financial asset.

Unfortunately, there was no will.

No estate plan.

No clear instructions.

The family spent nearly two years navigating probate court, disagreements among relatives, and legal expenses.

Thousands of dollars were lost.

Relationships were strained.

The asset they spent decades building became a source of conflict rather than a blessing.

Years later, Robert decided to take a different approach.

He purchased life insurance, created a will, established a trust for his children, and began teaching them basic investing principles.

As Robert often says:

“My parents left me values. I want to leave my children values and a roadmap.”

That distinction changed everything.

What Is Generational Wealth?

Generational wealth is often misunderstood.

Many people assume it requires millions of dollars.

It doesn’t.

Generational wealth is any financial asset, knowledge, or opportunity intentionally passed from one generation to the next.

Examples include:

• Homeownership
• Investment accounts
• Education funding
• Family businesses
• Life insurance proceeds
• Financial knowledge and healthy money habits

Even modest assets can create extraordinary opportunities when preserved and transferred intentionally.

The Four Pillars of Legacy Building

1. Protect What You Build

Building wealth is important.

Protecting it is essential.

Consider:

• Life insurance
• Disability insurance
• Health insurance
• Emergency savings
• Asset protection strategies

Too many families spend decades accumulating wealth only to lose it because of an unexpected crisis.

Protection is the foundation of legacy.

2. Own Appreciating Assets

Families that build long-term wealth often focus on assets that increase in value over time.

Examples include:

• Real estate
• Stocks and mutual funds
• Retirement accounts
• Businesses

Liabilities consume resources.

Assets create opportunities.

Understanding the difference is one of the most important financial lessons we can teach future generations.

3. Create an Estate Plan

Estate planning is not only for the wealthy.

Every adult should consider having:

• A will
• Beneficiary designations
• Healthcare directives
• Power of attorney documents

Without these tools, courts—not families—often determine how assets are distributed.

A simple plan today can prevent significant stress tomorrow.

4. Teach Financial Literacy Early

Perhaps the most valuable inheritance is knowledge.

Children who understand:

• Budgeting
• Saving
• Investing
• Credit
• Entrepreneurship

are far more likely to preserve and grow family wealth.

Money can be inherited. Wisdom must be taught.

The Hidden Legacy Most Families Forget

Many people focus on what they will leave behind.

A better question may be:

What values will survive because of me?

Will your children remember:

• Financial discipline?
• Generosity?
• Entrepreneurship?
• Community service?
• Stewardship?

True legacy combines financial resources with personal values.

One without the other is incomplete.

DMV Resources for Estate Planning and Financial Education

Maryland Volunteer Lawyers Service

Low-cost legal assistance, including estate planning support.

Capital Area Asset Builders (CAAB)

Financial coaching and wealth-building programs.

Housing Counseling Services

Homeownership education and financial counseling.

Financial Empowerment Center

Free one-on-one financial counseling.

MyMoney.gov

Federal financial literacy resources for individuals and families.

Your June Legacy Challenge

This month, take one meaningful step toward building a lasting legacy.

Review or create your will

Verify beneficiaries on retirement accounts and life insurance policies

Open an investment account for a child or grandchild

Have a family conversation about financial goals

Teach one financial lesson to someone younger than you

Small actions today can create opportunities for generations to come.

Closing Thoughts

Legacy is not an event.

It is a series of intentional decisions made over time.

Every dollar saved.

Every investment made.

Every lesson taught.

Every act of stewardship.

These choices create a ripple effect that can influence generations.

This June, do not simply think about what you are building.

Think about what you are leaving behind.

Because true wealth is not measured by what you accumulate.

It is measured by what continues to grow long after you are gone.

Dr. Bertrand Fote, MD, MBA, CF2
Certified Financial Fiduciary®
Emergency Physician | Financial Literacy Advocate | Advocate for Economic Empowerment & Generational Wealth