This well-known proverb is especially relevant when it comes to managing one’s finances. To assist clients with their desire to gift assets to family members now, as well as safeguard the success of future generations after they are gone, we offer a unique and valuable service - Intergenerational Family Wealth Planning.
Intergenerational Family Wealth Planning is more than just estate planning. Its comprehensive nature is designed to ensure you remain financially independent while accomplishing the following things:
It's important to note that leaving a legacy goes beyond just giftng money. Your financial well-being was made possible by your values, work ethic, and daily efforts. You implemented the lessons you learned over time from life's vast experiences. Passing on these values and lessons is as valuable to the success of future generations as leaving them your money.
Done right, family wealth planning can overcome conflict, protect your heirs and assets, share your values and philosophies, and ensure your wishes are carried out.
Most families do not discuss wealth openly. Family wealth planning and finance conversations in general can be uncomfortable for all generations. A few of the concerns we hear include:
As a provider of comprehensive financial life planning services for more than 30 years, we understand these concerns, the complicated dynamics of family relationships, and the importance of planning. It is not just about wealth transfer, asset transfer, or business succession. Family wealth planning is also about transferring one's values so that they may be honored in the long-term.
As a way to leverage the gifting of assets, we encourage our clients to gift a comprehensive financial life plan to their heirs. Doing so benefits heirs long-term by providing them with a tax-efficient financial plan and educating them about their ongoing options and potential tax liabilities. We maintain everyone’s privacy while providing solutions to complex planning issues that may arise. Of course, different generations and personalities have different goals, needs, and risk tolerances. All of this is taken into account as we develop strategies meant for long-term success.
Intergenerational family wealth planning is a priceless gift that brings families together. Let EKS Associates provide your family with a customized plan that will grow, preserve and transfer your wealth for generations. Contact us today to learn how we can help your family.
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