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Family Wealth Advising

GENERATIONAL WEALTH MANAGEMENT & TRANSFER

Many of our clients are concerned about generational wealth management and taking care of their families in the event they were to pass. 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 strategies to pass their wealth to future generations and to take care of their spouse. This can be as simple as ensuring beneficiaries are named correctly on investment accounts or as complex as developing trusts and tax-managed gifting strategies. In addition, our advisors are accustomed to working with families on sensitive medically-related topics like cognitive impairment (whether minor or severe) and can provide recommendations to keep your and your families 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, but also includes continuing your legacy and avoiding damage to your families’ relationships with each other. 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. Additional steps may be required per your individual situation. When considering wealth transfer, we advise our clients to have open conversations with their families to ensure their legacy is continued as they planned.

    HOW DO YOU HANDLE CHALLENGING FAMILY DYNAMICS AND FAMILY PRIVACY?

    Our advisors are well-trained on challenging dynamics related to personal finances. Our role in family wealth advising is that as a discussion facilitator and advisor. We are able to address financial concerns from a professional point-of-view, taking emotion out of the equation and leaving 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?

    We offer financial planning and tax preparation for family members. In some instances, based on your relationship size with our firm, this may be included in your fee.

      WHAT ARE SOME TAX EFFICIENT WAYS TO TRANSFER WEALTH?

      When transfering wealth, or gifting large sums of money to family members, it is important to consider the effect on your taxes. In certain instances, there may be ways to reduce the tax liability on both you and your family member. Some tax efficient ways 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 best method of wealth transfer for your unique situation.

      Questions?

      If you have any questions about our firm or how we can help you with your investment management, one of our Wealth Management Advisors would be happy to assist you.

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