You have the power to control your financial destiny, and to preserve wealth for future generations. Success happens when all family members are engaged, and working together towards common goals.
No matter where you are in your Wealth Preservation Journey, the time to begin planning is now. A good place to start, as a family, is to integrate the five key Effective Family Habits and Wealth Presercation Strategies into your plannning process.
It is important to think beyond your own generation, to the second, third, and fourth, in order to build capacity and strength.
The good news is that you don't have to do it alone. Many families work with professionals across the 'Grow', 'Protect' and 'Transfer' financial spectrum.
Wealth is more than financial capital. It’s also about stewardship, family and quality of life. How do you define wealth?
Do you have a mission statement that defines your family’s purpose, goals and values? All family members should take part in defining their mission statement.
Different perspectives bring new ideas. Involve everyone along your family’s wealth preservation journey, including the next generation.
Understand your family’s unique dynamics and knowledge gaps. Listen and learn from one another, and seek professional advice, as needed.
The greatest barrier to preserving family wealth is poor communication. Anticipate potential issues and try to be tolerant of differing points of view.
Wealth preservation begins by taking stock of all your income and assets. Plan for the lifestyle you want at retirement, taking into account longevity.
Prepare for the unexpected using tax planning and insurance strategies. Do you know how to protect your family’s assets and income from unforeseen circumstances?
The best gift you can give your loved ones is a well-planned estate. A simple will may not be enough. Plan and communicate with your family how you’ll distribute assets after death or in event of incapacity.
A charitable giving plan is your opportunity to donate to the causes closest to your heart. Engage the entire family to share the importance of helping others.
How will you safeguard the family and the family business for the next generation and ensure strong governance? Create a roadmap to maximize value.
