Wealth Transfer Planning

Wealth Transfer Planning

In the phrase “wealth transfer planning,” the operative word is “planning.” The probability of your mortality is 100 percent. The only issue is timing. Do you want your family’s wealth to pass to others as you desire, or as state law or some court dictates? How does your estate plan for assets to perpetuate your family’s principles, values, and ideals?

Wealth transfer planning is ideally done through a consensus among family members. Wills, trusts, insurance policy and retirement plan beneficiary designations, and other contracts require periodic review as life events occur that may change the way you choose to dispose of your assets.

With careful planning, you can help your children, grandchildren and other relatives become productive members of society by doing things about which they are passionate.  

Changes to federal and state transfer tax laws may have a profound impact of the amount of your financial wealth that passes to the objects of your bounty. Financial assets should be protected.

Disposition of family-owned businesses requires special consideration, often in consultation with non-family owners, managers, and key employees. Divorce frequently devastates accumulated wealth and future earnings, and remarriage can exacerbate the problem. Blended families have their own financial-planning challenges. Philanthropy offers a wide assortment of opportunities to perpetuate your family’s treasures.

SeekingNorth can help you plan the transfer of your family’s wealth over multiple generations. We call it trans-generational wealth transformation.