We’re witnessing a subtle yet profound shift in how some of Canada’s most intentional families are thinking about their legacy. It’s no longer just about preparing your children to receive wealth. A growing number of families are positioning the rising generation—often the grandchildren—as stewards of legacy, while supporting their children in a different role altogether.
A Family's Turning Point
Not long ago, we sat down with a family based in rural Alberta. The parents had built and exited a successful agribusiness, and their children—now in their late 40s and early 50s—had each built their own financial independence.
As the family reflected on their legacy, the patriarch said something that stuck with us:
“Our kids don’t need the money. They’ve done well. But our grandkids—they’re starting businesses, buying equipment, and building something of their own. That’s where this capital can really matter.”
This family didn’t want to just transfer wealth. They wanted to transfer momentum. And that meant skipping a generation—not emotionally, but strategically.
They restructured their estate plan to create opportunities for their grandchildren to access capital through a family enterprise fund—a dedicated pool of capital earmarked to support family-led ventures, education, or legacy initiatives, governed by shared values and multi-generational input. Their children, who were fully supportive, took an active role in mentoring and decision-making—not as recipients but also as facilitators of the next chapter.
“It’s not about skipping over us,” one adult child said. “It’s about stepping aside so the next generation can step up.”
This kind of transition is no longer the exception. It’s a signal of a larger shift.
Why Families Are Choosing to Skip a Generation
In conversations with families across the country, a few themes are emerging:
- The children are financially secure: they’ve already benefitted from earlier planning, built careers or businesses, and don’t require more capital to live well.
- The grandchildren are activated: Whether it’s investing in a business, acquiring a property, or pursuing education abroad, the rising generation often has energy and vision—but not yet the means.
- It’s about usefulness, not fairness: Families are thinking less in terms of “equal shares” and more in terms of where the capital will have the greatest impact.
- Legacy is being led from the future: The rising generation is already shaping what the family will become. The family capital should match that momentum.
What ties these stories together isn’t the industry the wealth came from—it’s the entrepreneurial mindset that continues to shape the family’s future. Often, the next generation is not following in the founders’ footsteps but creating entirely new paths, fueled by values, mentorship, and a shared desire to build.
Is This the Right Fit for Every Family?
Not necessarily. This approach works best when certain conditions are in place:
Clarity of values and vision: The family has a shared understanding of what they want their wealth to achieve.
Financial maturity in the second generation: The adult children are financially secure, emotionally prepared, and aligned with the family’s long-term goals.
Readiness and development in the rising generation: The grandchildren are not only engaged but are being intentionally developed. Their development includes financial literacy, family governance exposure, and experience with responsible decision-making.
Relational strength and trust: There is openness between generations and a willingness to collaborate, not compete.
“There were tough conversations—about fairness, about letting go, about the purpose of wealth,” one family member reflected. “But once we found alignment, it felt like we were building something together—not just passing it along.”
This is not a decision to make casually. It requires intentional planning and profound family engagement. But when done well, it can create clarity, momentum, and shared purpose across the entire family system.
This Is Not a Tax Strategy
This topic isn’t about optimization—it’s about intention.
The families we work with aren’t making this shift to reduce tax. They’re doing it to better align their wealth with their values—and to make sure their capital supports the people and priorities that matter most.
They’re asking:
- “What are we really trying to preserve?”
- “Who is most equipped to carry the conversation forward?”
- “How do we structure wealth to create purpose, not pressure?”
When you begin with clarity on those questions, the estate structure follows—versus the other way around.
The New Role of the In-Between Generation
What happens to the children in this model? They’re not being sidelined—they’re stepping into something deeper. Rather than simply receiving wealth, the in-between generations are becoming architects of legacy, guiding the next wave of family purpose.
Often, it’s the adult children themselves who are championing this shift. They say things like, “We’re doing well. We don’t need more. But we want to be part of how this wealth shapes the future—for our kids and our community.”
This generation understands both the gravity of the family’s journey and the potential of what’s next. They’ve lived through the building years. They carry the values of the founders. And now, they’re choosing to invest their influence rather than inherit more capital.
In one such family we worked with at Beacon Family Office, the second generation came to the planning table with a clear message: they wanted to direct a meaningful portion of the estate to a rising generation innovation fund—backed by governance, mentorship, and co-decision making. They would still have access to liquidity, but their priority was clear: equip the next generation to lead, not just to receive. That’s what true legacy stewardship looks like.
What Is a Family Enterprise Fund, Really?
This concept might be new to some. A family enterprise fund is a strategy. It typically refers to a pool of capital set aside by the family to support next-generation opportunities. This might include:
- Educational pathways or skill-building programs
- Capital to support business ideas or investment projects
- Initiatives that express the family’s values or purpose
- Shared ventures that involve collaboration between generations
What sets it apart is intentional governance—decisions are made collaboratively, with clarity around purpose and process.
Concluding Thoughts
Legacy isn’t linear anymore. The old model was parent to child, child to grandchild. But today’s families are choosing to create layered legacies, where each generation plays a unique role based on their readiness, not their birth order.
In some cases, that means directing wealth to those who can deploy it meaningfully—while supporting others in mentoring, governance, or vision-casting roles.
And it rarely happens in isolation. Successful transitions like this require the coordination of a multidisciplinary team—legal, tax, financial, and estate advisors—all working together toward a common family vision.
But technical skills alone isn’t enough. These conversations often begin with values, not spreadsheets. At Beacon Family Office at Assante Financial Management Ltd., we help families articulate what matters most, bridge generational perspectives, and then align the right structures and professionals to bring that vision to life—clearly, confidently, and collaboratively.
ABOUT THE AUTHOR
As the Senior Wealth Advisor at Beacon Family Office at Assante, Cory Gagnon has supported successful family enterprises to preserve, protect and transition their wealth since 2011.
Cory’s personal objective as a Wealth Advisor is simple. He is committed to supporting families to take control of the areas of their lives that truly matter to them. This commitment revolves around using specific tools and strategies that enable families to take action with confidence which will support them through life’s critical transitions.
ABOUT THE AUTHOR
As the Senior Wealth Advisor at Beacon Family Office at Assante, Cory Gagnon has supported successful family enterprises to preserve, protect and transition their wealth since 2011.
Cory’s personal objective as a Wealth Advisor is simple. He is committed to supporting families to take control of the areas of their lives that truly matter to them. This commitment revolves around using specific tools and strategies that enable families to take action with confidence which will support them through life’s critical transitions.
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