Most of our families think in terms of family wealth, wealth that is built to last for multiple generations. Many of our clients create, oversee or benefit from trusts that are designed to perpetuate assets over time. These families confront a challenging array of issues:
- My spouse and I have more than enough money for our lifetime needs. How do we effectively transfer assets to the next generation(s)? And how do we know when and how to begin transitioning our wealth?How do I maximize my lifetime and annual gift exemptions?
- Why might I utilize a SLAT rather than an Irrevocable Trust?
- How do I help my grandchildren with their education and early-adulthood?
- How do I protect my children or grandchildren in the event they get divorced?
- My child is getting married, should they consider signing a prenup?
- How do we introduce our family’s wealth to our children, and ultimately our grandchildren?
- How do I teach my children to be stewards of our family’s wealth?
- How much should I leave my children outright and how much should be held in Trust?
- What role might trust play in the plan?
- How do we design a plan that ensures our financial success and that of our children and grandchildren?
- How do we do this without taking away their incentive to build their own success?
- How do we teach them to be stewards of family wealth?
- How do we ensure that their families are properly protected from adverse events like disability and death?
- How do we create a team to manage the trusts over time?
- How do we ensure that the various players (trustees, grantors, beneficiaries, remainder-men, accountant, lawyer, investment manager, etc.) understand their roles and communicate with each other over time?
- How do I get my adult children to engage with my existing team of advisors/their own team of advisors when they are ready?
Working with multiple generations of our families is a central element of what we do. We help design our clients’ plans and then execute them over time. And we coordinate the activities of the salient players as listed above to ensure that everyone is on the same page. Importantly, we work not only with the wealth-creating generation but also the next generation who inherits the assets.
- My parents or grandparents have passed away and I stand to inherit their wealth. What are my next steps?
- How do I incorporate these new assets into my current life?
- How do I generate additional income to that which I earn?
- Can I access money to buy a house or pay off my mortgage?
- Can I use the money for school or to educate my own kids?
- How do I establish a relationship with a wealth advisor and portfolio manager to guide me in this next phase of my life?
- Who are the other advisors I need to surround myself with to manage my changing financial situation?
- What are the tax implications of my inheritance? How do I handle taxes going forward?
- How do I ensure that my estate plan appropriately accounts for my new assets?