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Jan 1, 2012 12:00 PM
Beating the Odds
Encourage intentional planning to avoid the disintegration of family wealth in future generations
As advisors to wealthy families, we have a responsibility to help clients plan for the future and prepare for unpredictable events. The start of a new year is the perfect time to begin discussing a more intentional planning process that families with multi-generational wealth should consider. We've all heard the nightmare scenario of the wealthy matriarch or patriarch who dies unexpectedly with a will that's so outdated that all of the assets go to a long-ago divorced spouse, leaving the current spouse without resources or recourse. As advisors, none of us want this to happen to any of our clients.
This scenario stands out because it's a concrete example of failing to ensure that financial assets are properly bequeathed — an unfortunate, devastating event for future generations that could have been avoided with relatively little effort. Yet, while many families work with their advisors on the straightforward aspects of future planning, very few elevate their strategic thinking to a higher level — and initiate planning that encompasses far more than transfer of financial assets — where they define their past, decide where they want to go in the future and determine how they plan to get there.
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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