From planning for the brittle days that ensure future generations never have to struggle, to building vaults of information that allows the continuous transfer of knowledge and wealth. Man has always had the innate desire to create, acquire, grow and transfer wealth as plans for what is to come. This desire is to ensure the future is for and not against the next generation.
This is why one of the biggest questions after acquiring wealth is how that wealth will transcend generations, or in some cases, get the next generation started. It is a thing of goosebumps and eerie shivers to think that all you’ve worked for will fizzle out once you are gone.
Successful succession planning takes an adequate amount of intention and we know just how to get you started.
Build, Manage and Transfer Your Wealth for Generations
First, if you haven’t been having regular “family” meetings, now is the time to begin. Putting your family members in the know about possessions and investments is the starter for building intergenerational wealth. The people around you need to understand the importance of family wealth planning and be prepared to take on responsibility in ensuring the plan’s success. Answering questions like “Who participates in important discussions regarding the family’s values and goals?”, “Who participates in the management of family assets?”, “Are all family members in the know about their individual roles?” will get you on your way.
Second, begin to educate every stakeholder on what their roles are. This will require that you have prior understanding, through your time in financial advisory, what is expected of everyone. These conversations help you see whether your plans and the plans of every family member align and it allows everyone to meet at a sweet spot where defining discussions can be had.
These meetings can serve as a good place to discuss strategies like estate planning goals, health and long care matters, charitable planning, transitioning the family business, etc. while allowing younger stakeholders to ask questions about how they fit into the plan, which will help a great deal in preventing future conflicts or litigation.
Lastly, take measures to monitor the plan’s success by committing to scheduled check-ins and continued definition/redefinition of stakeholders’ roles in ensuring that your plan is duly executed and managed. Have your eyes on the goal at all times and be sure to quench all matters before they catch flame.
Building intergenerational wealth is a continual process. Even after a structured wealth transfer plan is laid out, the need for continuous checks and balances cannot be overemphasized.
Get started now! Speak to our representative here.