FAMILY WEALTH MANAGEMENT & TRANSFER
Many of our clients express concern over generational wealth management and their families financial well-being. Their concerns often include sensitive topics such as wealth transfer, family cohesion around finances, or medical ailments. Our advisors regularly work with our clients on future wealth transfer strategies and advise on other family-related financial concerns. This may be as simple as double-checking beneficiary listings on investment accounts or as complex as developing trusts and tax-managed gifting strategies. In addition, our advisors often work with families on sensitive topics (like cognitive impairment). In these instances, our advisors can provide recommendations to keep your and your family’s assets protected.
HOW DO I PREPARE FOR WEALTH TRANSFER TO MY HEIRS?
Wealth transfer is about more than transitioning your assets to the next generation. It also includes discovering opportunities to continue your legacy while avoiding damage to family relationships. Protecting your assets and taking the necessary steps to provide a smooth transfer to your loved ones is critical to keeping your estate from getting tied up in the court system or causing a family feud. Taking inventory of your assets, checking that you have beneficiaries listed, and confirming your living will is up to date are a few of the initial steps we take to help you prepare for a smooth wealth transfer to your heirs. When considering wealth transfer, we advise our clients to have open conversations with their families to ensure their legacy continues as planned.
HOW DO YOU HANDLE CHALLENGING FAMILY DYNAMICS AND FAMILY PRIVACY?
Our advisors are well-trained on challenging dynamics related to personal and family wealth. As wealth advisors, our role in family wealth advising is that of a discussion facilitator and advisor. We are able to address financial concerns from a professional point-of-view. For instance, we can help take emotion out of the equation to leave all judgement behind. As a company on it’s second generation of family leadership, we understand the importance of family and have a developed a niche in helping families achieve their financial goals.
WILL YOU DO TAX PREPARATION OR CREATE A FINANCIAL PLAN FOR MY CHILDREN?
Short answer, yes. These services are available to the immediate family members of most clients, but may require an additional fee. Please reach out to your advisor for additional information related to our family wealth advising services.
WHAT ARE SOME TAX EFFICIENT WAYS TO TRANSFER WEALTH?
When transfering wealth or gifting large sums of money, it is important to consider the effect on your taxes. In certain instances, there may be opportunities to reduce the tax liability on both you and your family member. For instance, some tax efficient options to transfer wealth include:
- Annual gifting (annual gift exemption)
- Direct payments
- Roth IRA conversions
- Intra-family lending
- Irrevocable grantor trusts
Our Tax Team is able to assist you in understanding the various methods of wealth transfer related to your situation.
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