This article is intended for educational purposes only and is not legal advice. For guidance on your personal situation, please contact a lawyer.

The term "generational wealth" typically brings to mind those who are rich and famous. You can often see it used in association with families whose fortunes date back decades or even centuries, with the idea that they have so much wealth that the descendants of those who earned that wealth may never have to work for a living, if that's what they wish.

However, passing on assets to your loved ones and cherished causes transcends financial status. In other words, "generational wealth" is in the eye of the beholder.

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Source Fool.com