“I want them to write their own stories, and I want my money to help. I also do not want their future inheritance to ruin them.”
Money enables us to achieve our best selves when we align it with the people, values and goals that are meaningful. We will help write down what means the most to you. We also offer a video recording where you can transfer the message directly to the folks you love.
Planning the transfer of your wealth provides you many benefits:
Many of us struggle with wealth transfer.
Source: Dec 12, 2010 BLS Working Paper. Inheritance and Distribution of Wealth or Whatever Happened to the Great Inheritance Boom?
Here are some key questions to ask as you consider how to transfer your wealth.
Through our advanced financial planning process, we help facilitate conversations between generations. Many people struggle with the discussion about how to help but not spoil the people who they love. Some of the issues we can help families negotiate include:
Here are some questions to ask yourself as you begin teaching younger generations financial stewardship…
Every family is unique, but a good family meeting shares these features…
We have found that many families appreciate the story of the money as much as they appreciate the money itself.
The important discussion to have is what money means to you, and what you hope that it means to them…
We work with multiple generations, and provide advice tailored for the next generation and their unique situations.
Many of our clients list their children’s and grandchildren’s education near the top of their financial goals.
Our children’s weddings can be one of the greatest joys of parenting, and they can also be expensive!
As Helen approached her 90s, she knew her money would outlast her life on earth. Her oldest grandchildren were having children. Her youngest grandchildren were approaching college age. Helen wanted to provide them a college education, and she didn’t mind saving taxes either. But she wanted to do something fair to help all the different generations, and also give a little more to those who needed a little more. We:
Discussed fairness, and what it means to Helen, and helped her feel confident in her decision
Set up education accounts and trusts
Funded them in a manner that helped Helen save on taxes
Kept things simple and elegant
Managed the assets prudently
Helen recently passed away. She is remembered by her family for her elegance, prudence and generosity. Her children, grandchildren and great-grandchildren are all a little better off, financially and otherwise, because of her good decisions.
Uncle James passed away a few years after becoming our client. Because James never had children, he left the assets in trust for his three nieces. While the children grew up, we managed the investments and their father kept their inheritance a secret. When they were college-bound, James’ nieces received a pleasant surprise—college was free, thanks to Uncle James! We:
Set up and help James fund the trusts, making it easy for James
Managed the investments prudently with Uncle James’ goals in mind, making it easy for the trustee
Managed and reduced tax costs
The accounts continued to grow, even after paying for college. James’ oldest niece was able to pay for a wedding and make a down payment on her first home. Uncle James’ generosity will be forever remembered by this family.
To learn more about wealth transfer, click one of these links:
An initial conversation with one of our experts is always free of charge.