#265 When and How to Pass On Wealth to Your Family ft. Peter Kim, MD

What Legacy Really Means

Peter starts by sharing a moment with his child asking, “Are we rich?” It made him reflect on what legacy really means. At first, he thought legacy was about passing down money or assets later in life. But over time, he realized it’s more about showing up for your family now—through your actions, presence, and values.

He questions why people wait to give until the end of life. Most kids will be older by then and may not even need the money. It’s not that parents are selfish—it’s that they’re afraid. Especially as physicians, we’re trained to plan for worst-case scenarios and avoid risk. But that mindset can stop us from using our wealth meaningfully.

Peter mentions the book Die With Zero, which explains that most people die at their richest. They never get to enjoy their money or use it to create meaningful experiences. He suggests there’s a better way: to give while you’re alive and can make an impact.

He encourages giving with purpose—not just handing over money, but teaching, supporting, and guiding. That’s how you truly build a living legacy.

“You’re stepping into this role as a mentor, a teacher, a supporter, a giver, a guide,” Peter says. And that role starts now, not later.

Help During Education

One of the most important times to support your kids is during their education. College and grad school are expensive, and debt can shape how young adults live their lives—from what job they choose to when they start a family.

Peter points out that student loans often influence big life decisions, including career paths. Helping with these costs can give kids the freedom to choose the life they want—not just the highest-paying job. It’s also a great chance to teach them about managing money and building wealth early.

By giving during this phase, you’re helping them start investing earlier, which can lead to big long-term gains. It’s an investment in their future, not just a financial gift.

He reminds us that this kind of support isn’t just about paying bills. It’s about freedom—the freedom to choose, to take risks, and to build a life they love.

First Home, Big Lessons

Another key moment is when your child buys their first home. Peter talks about how many young people today struggle to afford a down payment, especially doctors just starting out.

Helping with a home purchase doesn’t just give them a roof over their head. It’s a teaching opportunity. Parents can show their kids how real estate works—how to evaluate a property, understand mortgages, and think about long-term wealth.

He shares that when you support them here, it’s a great time to talk about your own journey: what worked, what didn’t, and what you’ve learned along the way. It’s not just a financial gift, it’s a life lesson.

This isn’t about making life easy. It’s about giving your kids a head start and passing along the knowledge that took you years to gain.

Support During Life Changes

The third major moment is during big life transitions. This could be a job change, burnout, moving, starting a business, or raising young kids. These are stressful times when support can make a huge difference.

Peter says offering help here isn’t about spoiling your kids—it’s about being a support system. You can help with things like seed money for a business, temporary income while they switch jobs, or even childcare or therapy support during tough times.

He emphasizes that this is about values. When you support your children during these transitions, you’re showing them what it means to be generous, thoughtful, and involved.

These are the moments they’ll remember. Not just that you helped, but how you showed up for them.

Give While You’re Living: Grab Our FREE PDF!

Peter wraps things up by urging us to give while we’re alive, not just when we’re gone. He references the Giving Pledge, where wealthy individuals commit to giving away much of their wealth during their lifetime.

You don’t need to be a billionaire. You just need a plan. Peter explains that with cash flow from real estate or businesses, you can give from what you earn—not just your savings. That means you can make a difference now without fear.

He says building passive income isn’t just about wealth. It’s about freedom—the freedom to live well, give generously, and teach your kids how to do the same.

Legacy isn’t just money. It’s your example, your lessons, and your values passed on over time. That’s the most powerful gift you can give.

To help physicians give generously without putting their future at risk, Peter created a free guide: 7 Smart Ways to Give to Your Family Without Risking Your Retirement. It walks through practical strategies like co-investing in real estate, funding life transitions, and giving from cash flow—so you can support your loved ones while protecting your long-term security.