The Rockefeller family is currently on nine generations of wealth transfer.
Succession is often on the minds of wealthy families, but typically it isn’t a priority. Managing investments, running the family business and general everyday matters often supersede any concerns about succession and wealth transition.
Succession planning often comes to the fore when there’s a change in circumstances, an event or a crisis, such as a marriage, a birth, or a death in the family. Similarly, it could result from an external event, such as a shift in the political landscape, a stock market crash or, as has been seen recently, a global health crisis.
You have worked hard to acquire wealth—not just for yourself but for generations to come.
We help our clients to preserve more of their family’s wealth and allow future generations to build on a foundation of financial stability.
Preserving and growing your family legacy starts with granular planning.
We want to help ensure you are doing everything you want, when you want and that you are living your best life. But at the same time ensuring certainty that future generations can benefit from the wealth you have generated. Are you making the smartest decisions you can about your money and your future?
Generational Wealth Transfer FAQs
Seeking professional guidance from estate planning lawyers, financial advisors, and tax experts can provide numerous benefits. These professionals can help navigate complex legal and financial matters, develop effective wealth transfer strategies, and ensure that the transfer aligns with the family’s goals and values.
Families can prepare for generational wealth transfer by engaging in comprehensive estate planning. This involves creating wills, establishing trusts, and updating beneficiary designations on financial accounts and insurance policies. Open and transparent communication among family members is also crucial to address expectations and minimize potential conflicts.
Yes, there are legal and tax considerations involved in generational wealth transfer. Laws related to inheritance, estate taxes, and gift taxes can vary by jurisdiction. It’s advisable to consult with legal and financial professionals who specialize in estate planning to ensure compliance with applicable laws and optimize the transfer process.
One challenge is maintaining family harmony and addressing potential conflicts that may arise when distributing assets among family members. Additionally, taxation and estate planning complexities should be taken into account to minimize tax liabilities and ensure a smooth transfer of wealth.
Generational wealth transfer can be utilized to establish family foundations, donor-advised funds, or charitable trusts. These structures enable families to support charitable causes and make a positive impact on society by allocating a portion of their wealth toward philanthropic endeavors.
Common methods of generational wealth transfer include wills, trusts, and gifting. A will outlines the distribution of assets upon the individual’s death, while trusts can be set up to manage and protect assets for beneficiaries. Gifting allows individuals to transfer assets during their lifetime, reducing the size of their taxable estate.
Generational wealth transfer is significant because it allows families to maintain and build upon their financial legacy. It provides an opportunity for future generations to benefit from the hard work and successes of their ancestors, enabling them to enjoy a higher quality of life, pursue opportunities, and create their own wealth.
Generational wealth transfer refers to the process of passing down financial assets, properties, and resources from one generation to the next within a family. It involves the inheritance of wealth accumulated by previous generations and the preservation of that wealth for future generations.
Please note that while these FAQs provide general information, it’s crucial to consult with professionals to address specific circumstances and legal requirements associated with generational wealth transfer.
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I feel I have received the best advise I could have had and feel that my pension is now much better off than it was before I started to work with Jessica.
I feel I have received the best advise I could have had and feel that my pension is now much better off than it was before I started to work with Jessica.
From the start she gave open, honest and good advice. She answered all my questions clearly and helped me understand my options
From the start she gave open, honest and good advice. She answered all my questions clearly and helped me understand my options
Jessica was great, she provide guidance and advice in a way that was easy to understand. She is always available to answer my questions, offer advice and help solve any issues.
Jessica was great, she provide guidance and advice in a way that was easy to understand. She is always available to answer my questions, offer advice and help solve any issues.
Jessica provided excellent impartial sound financial advice that we have been following to great effect for the past 5-years.
Jessica provided excellent impartial sound financial advice that we have been following to great effect for the past 5-years.
