Money Fix: Passing on family wealth, securely

Two-thirds of baby boomers will inherit family money — a collective total of $7.6 trillion, according to the Boston College Center for Retirement Research. But much of that money won't last long. Nine of 10 family fortunes will disappear within three generations.

"The first generation makes it, the second spends it and the third starts over," says Gregory Dubnansky, a vice president with Beacon Trust in Morristown, N.J.

So how can family money survive the Three Generations Rule?

Make them earn a living, says Andrew Smith, co-host of the radio program "The Mutual Fund Show."

At the meetings, family leaders should communicate their values and "wealth vision," says Haitham Ashoo, chief executive of Pillar Wealth Management in Walnut Creek, Calif.