How do you prepare your heirs to inherit generational wealth?

[Jon K.]

Here's the question, and it's really a 2-part question. I would very much appreciate opinions/advice from others who have put thought into these things and maybe even implemented some of the plan.

1) What financial help, if any, do I provide to my children as they become adults and throughout their adult life? I struggle with this one. I have spent literal decades working jobs that I often hated because they paid well in order to provide a nice life for my family. I don't want my kids to have to do the same, but I also want them to be self-sufficient and accountable. I have seen first-hand in the form of an unexpected inheritance how a windfall at a young age can lead to long-term negative consequences. It seems like a fine line.

2) The long-term goal, among other things, is to create generational wealth. That means the next generation is going to inherit it and hopefully many more after that... that seems silly to say because of course it's true but it's largely an abstract concept until you actually put a plan in place. How do you prepare them to receive and manage that wealth so that they don't squander it and/or have it cause more harm than good?