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Multi Generational Wealth Transfer Planning

Planning and knowledge are the keys to achieving financial goals—and they are particularly critical for transferring your wealth successfully through multiple generations.

The Challenge

It’s a statistical fact that family wealth almost always vanishes by the second or third generation. Why is this the case? To be sure, poor tax planning, overspending and unwise investing can play a role.

But the biggest culprits behind eroding family wealth are a lack of communication and trust among family members, along with a lack of preparedness and awareness of all the possibilities on the part of heirs.

Such obstacles are often rooted in families’ hesitance to discuss wealth in depth—its source, its purpose, its meaning. They are especially hesitant when it is felt that there is no one to lead them whom they trust to have their best interests at heart. Without that leader, these conversations can be particularly difficult to broach over multiple generations.

The Solution

At Vita Intellectus, we guide families through the steps required for successful wealth planning over multiple generations.

It is also important to understand how you view “wealth”. We define wealth as “having more than what you need”. So the question becomes is it your focus to transfer money or is it your priority to transfer “more than what one needs” to future generations. By putting the focus on transferring money, it can become spent quickly because beneficiaries may believe they “need” it or “deserve” it. If the target is to transfer “more than what one needs”, the values that the people who created the wealth to begin with hold highest, will be what is passed down. When a family member strays from those values, they no longer receive the family’s blessing, therefore allowing the family members in line with the values to always have “more than what they need” which will perpetuate for generations. Having an open architecture at Vita Intellectus, allows us to use customized strategies to make sure these values are upheld instead of being limited to offering traditional money transfer tactics. This is a big part of our private family office services and a simple solution to the struggles of multi-generational wealth transfer.

In office we will be able to clearly define patriarchs’ and matriarchs’ relation to wealth; facilitate productive, respectful communication, and help heirs to build financial competency. Another important part of this process is transferring the knowledge of all the different options a leader of the family has, including personalized solutions not previously thought about. Families must be completely comfortable with the strategies they agree to execute. This work prepares families to create estate plans in which they are confident.

Inter-generational wealth transfer should be a cause for celebration, not anxiety. We take pride in helping families develop the clarity, communication and confidence that lead to successful outcomes for generations to come.

Schedule a meeting to see if our services are right for you.