Successful intergenerational wealth transfer requires more than just passing on assets – it’s about governance, education and strategic planning.
With an alarming 70% of families losing their wealth by the second generation, a structured approach is essential for long-term success. Here are the key factors I focus on when working with clients:
1) ?????????? ?????????: Establish a family council or advisory board to guide decision-making, align values, and prevent conflicts.
2) ????????? & ????????? ????????: Equip the next generation with financial literacy, investment knowledge, and risk management skills to manage and grow wealth.
3) ?????? ???????????: I often recommend gradually involving younger family members in meetings and decision-making, allowing them to learn under mentorship before assuming full responsibility.
4) ?????????? ????????: Develop a clear succession plan, defining roles for family members and ensuring leadership transitions smoothly.
5) ????? ??????????: Use trusts, private trust companies, or foundations to provide tax efficiency and secure assets across generations.
6) ???????????? & ??????: Integrate philanthropy into the plan to build a shared purpose, strengthen family bonds, and align with long-term goals.
In my experience, a strategic, multi-faceted approach is key to preserving wealth across generations.
Let’s connect to discuss how your family can implement these strategies for a successful wealth transition.
