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Transferring Wealth

A “wealth” of information

It’s important to be proactive, and begin any wealth transfer planning early in an effort to limit any loss of wealth transferred to the next generation due to failure in tax-efficient planning.

Begin with a family dialogue

An effective wealth transfer plan begins with a series of family meetings around the values and goals of both the family, overall, and each individual member. This dialogue is particularly critical when the older generation is running a family-owned business. 

Use a multi-disciplinary team

Wealth transfer planning can involve a host of professionals — tax and estate planning lawyers, accountants, insurance and investment experts, business valuators as well as business succession consultants. 

Assess the role of philanthropy

“You can’t take it with you” is only too true. A thoughtful philanthropic plan is often a key aspect of wealth transfer planning. It can redirect monies that would otherwise have been spent on taxes so as to enhance the amounts available to satisfy philanthropic goals. Further, a family foundation can serve as a unifying vehicle for subsequent generations.

Recognize that planning is dynamic

An old plan is often a bad plan. Plans need to be revisited periodically and revised when needed. Wealth transfer is inevitable — whether it’s planned and orderly or expensive and chaotic is a choice that today’s wealthy Boomers should make before it’s made for them.


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