This billionaire holds a meeting every quarter to discuss his finances with his children. Is this the key to avoiding inheritance disputes?

Kenn Ricci, the billionaire principal of Directional Aviation Capital, treats wealth management as a transparent, coached process. Ricci aims to ensure that his legacy strengthens his family instead of tearing it apart, by making discussions about money central to their family business. And estate planning experts suggest that he’s right — intentional, regular communication is the most effective way to prevent destructive family feuds (3).

Here’s why Ricci’s approach is so effective, and how you can build formal money lessons into your family communication to build financial literacy and set expectations for the distribution of your estate after your death.

From private aviation to open books

Ricci, who also serves as the chairman of Flexjet, made his billions flying the ultrawealthy private for the last 20 years. He’s a canny businessman who knows how to build an organization, and he’s bringing those skills to his family legacy.

Ricci believes that "shielding" children from the realities of wealth is a strategic mistake (2). In his quarterly family business meetings, he asks his children, “What’s the ‘you can get your hands on’ net worth, and … what are we preserving here and how are we using it?”

Once a year he has a big estate planning meeting where he shows his family his net worth, and expects them to do the same. “I have all of them expose their net worth and then they tell their siblings what they invested in, what they're spending their money on. And then typically after that we pass on some wealth at those meetings (2).”

This approach has several benefits. It allows his adult children to practice handling complex financial decisions under his guidance while he is still there to mentor them. It also lets Ricci set shared expectations and eliminate the mystery surrounding the family's assets.

By involving the next generation in real-time financial discussions, the eventual inheritance becomes a continuation of a known strategy. This transparency helps mitigate the shock that often leads to internal family power struggles.

The high cost of inheritance surprises

Surprises in a will are among the most significant risk factors for long-term family conflict. A survey by LegalShield shows that 58% of respondents experienced conflict, or know someone who has, due to the absence of an estate plan or will (4). Unexpected revelations in an estate often trigger emotional warfare that can take years to resolve in probate court.

Ultra-wealthy families often formalize these discussions through structured "family governance" systems. Research from the Harvard Business School Baker Library and UNC Kenan-Flagler emphasizes that shared ground rules and routines prevent financial disagreements from becoming personal (5).

By establishing a clear decision-making process, families can navigate the complexities of taxes and trusts without losing their emotional bonds. Effective governance functions as a release valve for the pressure that naturally builds around high-stakes inheritance.

When rules are established during calm times, they are much easier to follow during periods of high stress or loss. This structured communication transforms the family from a collection of competing heirs into a cohesive unit with a shared mission.

Demystifying the family money meeting

A lack of financial literacy can multiply the friction already present during an inheritance. This knowledge gap makes transparency even more critical for families who want their heirs to be prepared for future management.

You do not need a billion-dollar portfolio to implement a structured “money meeting” in your own home. Families with less than a billion dollars at stake (or even less than a million dollars) should discuss where documents are kept and who will manage specific responsibilities.