Insights

A Conversation with Susan Schoenfeld

In Private Wealth Management at HORAN Wealth, we know that managing money is just the beginning. True legacy is about strengthening family bonds, passing down values, and creating clarity that lasts for generations. That's why we invited Susan R. Schoenfeld, JD, LL.M. (Taxation), CPA, MBA — award-winning family governance advisor and founder of Wealth Legacy Advisors LLC — to speak at our private educational event. Her depth of experience and warm, practical wisdom is something every family should hear.

In this candid conversation, Mike Taylor sat down with Susan to talk about what truly matters when it comes to wealth transfer, family meetings, and making sure your legacy lasts.

Why Do So Many Families Lose Their Wealth By The Third Generation?

Susan, let's start with the big fear so many families carry: the idea that wealth disappears within three generations. Is that a myth or a reality?

"While the old saying 'shirtsleeves to shirtsleeves in three generations' has been challenged by recent data, the concern is real. But it doesn't have to be inevitable.

Craft your family story in a way that you are controlling the narrative. Even little ones want to know where they come from and their place in the world.

Families should be intentional about how they share their values and origins, whether it's through conversation, video, writing, or family meetings."

What Do High-Functioning Families Do Differently?

What separates the families that thrive over generations from those who struggle?

"Communication, communication, communication. That's the biggest factor. It's like location in real estate.

Regularly family meetings matter, even when there's no urgent issue. Ideally, families can build in fun, travel, and connection—not just structure and agenda.

For example, one gentleman eventually not only funded the family gatherings; he endowed a fund to support family meetings in perpetuity. It became a legacy of connection."

How Should Families Think About Governance?

Governance sounds like a big word. What does it really mean in the context of a family?

"Governance is just a fancy way of saying: how do we make decisions together?

Whether it's about a vacation property, a business, or a family foundation, governance isn't just about bylaws and structure. It's about building trust through process.

The real benefit isn't the Governance document—it's what happens when you build it together. It gives everyone a voice and a sense of fairness."

Philanthropy as a Unifier: What Role Can Giving Play?

What role does philanthropy play in strengthening family unity?

"Philanthropy is one of the most effective ways to engage all generations. It gives everyone a voice, ideally a vote, but not necessarily a veto.

A structure that lets one child support the arts, another save the whales, and a third give to cancer research—that's a structure that works.

Governance documents should always allow for evolution, because the world changes, and future generations will have new ideas and needs."

We encourage you to read our related blog, Wealth Money Can't Buy: Strengthening Family Through Giving.

Family Business Succession: How Can You Get It Right?

Many of our clients are business owners. What advice do you give around succession?

"It comes down to three steps: identify the successor, groom the successor, and communicate the plan.

The successor might be a child, a non-family executive, or an in-law.

Let them learn at the knee of the master. Bring them into conversations and relationships that define the business.

And don't leave others in the dark. Communication with all family members prevents resentment and helps everyone support the plan."

The Emotional Side of Wealth: What Holds Families Back?

What emotional dynamics do you see that make wealth transfer harder than it needs to be?

"One of the biggest is the older generation's reluctance to talk about money. Especially with inherited wealth, there's a belief that it's not polite.

Think of it like the birds and bees. If you don't have the conversation, they'll Google it.

Kids today are savvy. If families don't talk about wealth, values, and responsibility early, they will get their information elsewhere—and not always the right kind."

Susan's Final Word of Advice: Keep Talking

If you had to offer just one piece of advice to a wealthy family looking to get started, what would it be?

"The single biggest problem in communication is the illusion that it has taken place.

Families often think they've communicated more than they actually have. Keep talking. Keep listening. Keep showing up."

Join Us for More Insight from Susan Schoenfeld

Susan Schoenfeld will deliver the keynote at HORAN Wealth's private educational event designed exclusively for affluent families, business owners, and individuals.

Join the Conversation on Building Generational Wealth

HORAN Wealth is proud to host Fostering Connection, Unity, and A Legacy of Generational Wealth—an invitation-only event designed for affluent individuals, business owners, and families who seek to preserve and grow their wealth across generations.

Sharing the Journey: An Invitation for Generations

We also believe legacy is something to be shared together. That's why we're inviting clients to bring their spouses, children, and grandchildren to our upcoming private educational event. It's designed for the entire family, with conversations that spark connection and planning across generations.

Could This Event Be For You?

This private event is designed exclusively for HORAN Wealth clients committed to shaping a meaningful and lasting legacy. If you are interested in attending, please contact your advisor or email us at MacyB@horanwealth.com.

HORAN Wealth is the marketing name of HORAN Securities, Inc. ("HSI") and HORAN Capital Advisors, LLC ("HCA"). Securities Offered Through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC. HORAN Wealth Management ("HWM") is the investment advisory firm. HCA is an affiliated investment advisory firm.

The information herein has been obtained from sources believed to be reliable but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results. Market conditions can vary widely over time and there is always the potential of losing money when investing in securities. HORAN Wealth and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.