The rise of multigenerational journey: How households use shared experiences to construct lasting legacy

Family holidays are evolving, as extra households are organizing journeys that deliver grandparents, mother and father, youngsters and even prolonged kin collectively for journey experiences which are each significant and memorable.

According to the Family Travel Association, 57 p.c of households plan to take a multigenerational journey within the subsequent yr, and almost half plan to incorporate prolonged members of the family equivalent to aunts, uncles and cousins.

“Many families are scattered around the country, and the world,” says Angie O’Leary, head of Wealth Strategies and Solutions at RBC Wealth Management–U.S. “These trips are a way to have a family reunion in a curated environment.”

The itineraries differ broadly, from luxurious cruises or African safaris to purpose-driven journey that features volunteer work. Regardless of the vacation spot, touring collectively usually serves a deeper objective for high-net-worth households than a leisurely trip. It’s a method for households to attach and luxuriate in their wealth collectively whereas serving to youthful generations perceive the values that formed their prosperity.

Multigenerational journey makes values simpler to share

An RBC Wealth Management survey discovered that high-net-worth “Givers” (older generations planning to depart a future inheritance) need to cross alongside household values in addition to their wealth. Yet solely 52 p.c have had conversations about these beliefs with their meant beneficiaries.

Traveling collectively creates a possibility to broach sure topics in a extra relaxed and natural method. For instance, visiting a spot tied to your loved ones’s historical past can join youthful kin to their roots, whereas a visit constructed round volunteering can present what your values appear to be in observe.

Bobby Lovgren, head of Wealth Planning at RBC Wealth Management–U.S., skilled this firsthand together with his spouse’s household’s legacy planning. Through the steering of his father-in-law, the household—mother and father, siblings and spouses—got here collectively and created a household mission assertion centered round giving again, humility and spirituality. They later put these values into motion when the household traveled to Tijuana, Mexico, to construct a house for a mom and her two daughters. The total household contributed to the undertaking, together with youngsters as younger as 5. “Everyone put their heart and soul into it,” Lovgren says.

Family journey could be a wealth switch technique

Multigenerational journey may also be a type of giving whereas residing. Rather than ready to cross down wealth as an inheritance, mother and father and grandparents can use their wealth now to pay for the household’s journey bills, permitting them to witness the impression of their wealth throughout their lifetime.

In the RBC Wealth Management survey, 86 p.c of youthful generations mentioned an inheritance would allow them to journey extra, whereas 80 p.c mentioned it might permit them to spend extra time with household. Funding a multigenerational journey can present beneficiaries with each these experiences now, whereas the Givers are nonetheless there to benefit from the present.

Five suggestions for planning a multigenerational household journey

A multigenerational journey might be difficult to coordinate, particularly when it consists of a number of households, age teams and pursuits. These suggestions may also help make the expertise smoother and extra significant for everybody concerned:

1. Choose a flexible vacation spot. The greatest multigenerational journeys provide sufficient selection for each leisure and exercise, so members of the family can select what matches their wants. O’Leary says cruises work effectively as a result of they hold the household collectively, whereas nonetheless providing loads of choices for various ages and mobility ranges.
2. Create anchor experiences. On a big household journey, not everybody will spend each second collectively, and that’s comprehensible. Schedule a number of group gatherings, equivalent to a dinner, tour or volunteer exercise to foster shared reminiscences, whereas leaving time for people and small teams to do their very own factor.
3. Invite everybody to assist with planning. Even if one individual or couple is paying for all the journey, giving different members of the family a say can construct pleasure and make it extra fulfilling for all. O’Leary has seen households give youthful kin a funds and ask them to analysis and pitch journey concepts to the group. Not solely does that train educate youthful generations about the price of journey, it additionally helps take among the planning stress off the individual funding the journey.
4. Be clear about prices and expectations. Clarify up entrance precisely what every member of the family will cowl. If some bills will likely be shared, talk about the plan early so cash questions don’t create rigidity or arguments through the journey.
5. Use outdoors help when wanted. For bigger teams or extra advanced worldwide journeys, luxurious journey advisors and concierge providers can coordinate logistics and organize personalised experiences. These specialists focus on organizing multigenerational household journey, so everybody can concentrate on having fun with the journey.For philanthropic journey, a nonprofit or native group can construction the volunteer work and clarify what your loved ones ought to anticipate earlier than they arrive. Lovgren recommends vetting the group fastidiously earlier than committing. “We picked a group that others in our social circle had traveled with before,” he says.

Make household journey a part of your wealth plan

For Givers who need to make multigenerational journeys a recurring household custom, these prices needs to be factored into your total wealth plan. Your advisor can mannequin the long-term impression of funding common journeys and present how constant journey gifting matches inside your broader funds and wealth switch technique. Doing this calculation beforehand may also help Givers really feel extra assured about spending generously, O’Leary says. “You want to be intentional about it—not just booking the trip, but understanding how it fits into the larger picture of what you’re trying to accomplish for your family.”

Funding household journey can also have estate-planning benefits. The 2026 federal annual present tax exclusion permits people to present $19,000 per recipient, or $38,000 per recipient when given by a married couple, with out incurring present tax. For Givers with a number of grownup youngsters and grandchildren, these items can add as much as a considerable annual journey funds for all the household. At the identical time, paying for journeys strikes property out of the Giver’s property over time, probably lowering future property and inheritance taxes.

The journeys that change into a part of the household story

Travel can change into a part of a residing legacy for households, one which older generations get to expertise alongside the folks they love. With households usually unfold throughout states and time zones, shared experiences require effort and intention to create. A volunteer undertaking accomplished collectively, a brand new nation visited for the primary time, a dinner the place three generations shared tales and significant dialog—these are the reminiscences that final lengthy after the journey ends. “Your kids and grandkids will still be talking about these trips when they’re 75,” Lovgren says.