Generational Wealth Transfer Strategies

Start the Conversation

We are entering the era for the Great Wealth Transfer where $84 trillion is expected to be passed down to the next generation over the next 20 years. Ultra wealthy families need to approach this transition with comprehensive, multi-faceted plans and should rely on guidance from their advisory team to navigate the complexities of the process.

It's been reported that 75% of business owners have not had any conversations with their families about their plans or wishes for business succession.  These discussions can sometimes be emotionally charged, so they are often delayed.  A strong advisory team should bring all generations to the table to make sure that the family’s legacy is preserved through careful planning.  The next generation needs to understand the gravity of their responsibility in stewarding the family’s wealth for generations to come.

When all parties are together in a relaxed setting, a business succession and robust wealth preservation strategy can be established with careful planning and navigation.  The advisory team can be pivotal in guiding these conversations to a meaningful end.  A holistic approach that includes lawyers, wealth managers, accountants, and insurance agents can result in a roadmap that provides clarity and transparency for how wealth is expected to be managed across multiple generations.

The first step in this process is to sit down with the patriarch or matriarch of the current generation to strategize the plan and the message.  Outlined below is a flowchart with questions to get the conversation started.

Contact us with any questions or opportunities to help you or your clients achieve identified goals. This is what we enjoy doing for only a select number of families, businesses, and charitable institutions each year, and we look forward to hearing from you.