for Multi-Generational Families

One of the aspects that I like most about my job is learning about the unique objectives of families. Interestingly enough, many financial planning goals of my clients are not always apparent from the onset of the relationship. One area of consistency, though, that I find among affluent families is a focus on preserving generational wealth.

There is certainly a large degree of complex planning needed to ensure your hard-earned assets are distributed according to your wishes and kept out of the hands of the government. In this article, I share five strategies I use when helping affluent families preserve their generational wealth.

Every family we work with is unique. However, over the years, I have found one common denominator: all have built wealth through sacrifice, hard work, and a strong set of financial values that includes monitoring spending and prioritizing saving.

These values, coupled with a thoughtful investment strategy, have allowed many families to accumulate more wealth than they could ever spend in their lifetimes. As a result, a significant portion of this family wealth will be passed down to the next generation at some point in time, and many family leaders feel anxious about this wealth transfer: How will this wealth transfer impact family dynamics? Are the kids ready to assume the financial responsibility? Will they manage financial opportunities appropriately? Will the values that built this wealth live on?

I’m a pretty cautious person.  I have no problem admitting this. In fact, if you know me personally, I imagine you’re smiling and nodding in agreement.  I have never possessed...