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Intergenerational Family Wealth Planning - Give the Gift of a Lifetime

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Intergenerational Family Wealth Planning – Give the Gift of a Lifetime

“Give a man a fish, and you feed him for a day;
teach him how to catch fish, and you feed him for a lifetime.”

This well-known proverb is especially relevant when it comes to learning how to manage one’s finances. To assist clients with their desire to gift assets to family members now, as well as safeguard the success of future generations after they are gone, we offer a unique and valuable service -- Intergenerational Family Wealth Planning.

Intergenerational Family Wealth Planning is more than just estate planning. Its comprehensive nature is designed to ensure you remain financially independent while accomplishing the following things:

  • Provide each generation with sound and tax-efficient financial life plans;
  • Educate your family members about their options and opportunities;
  • Weigh the pros and cons of lifetime gifting (gifting while you are still alive) vs. leaving an inheritance after your passing;
  • Evaluate whether or not to set up trusts for your heirs;
  • Determine how to handle charitable gifting;
  • Reduce estate taxes; and
  • Distribute assets according to your wishes and desired timeline.

Done right, family wealth planning can overcome conflict, protect your heirs and assets, and ensure your wishes are carried out.

A few of the concerns we hear include:

  • I want to provide financial assistance to my children/grandchildren now, but fear the tax implications;
  • I want to provide my heirs with a secure financial future, but don’t know the best way to do so;
  • I want to prepare my family for what they will receive, but I don’t want to reveal my own finances at this time; and
  • I don’t want to reveal their inheritance amount for fear of compromising their independence and work ethic.

As a provider of comprehensive financial life planning services for more than 25 years, we understand these concerns, the complicated dynamics of family relationships, and the importance of planning. It is not just about the transfer of assets or wealth, but also of maintaining and transferring one’s values around finances.

How to Feed Your Family for a Lifetime

As a way to leverage the gifting of assets, we encourage our clients to gift a comprehensive financial life plan to their heirs. Doing so benefits heirs long-term by providing them with a tax-efficient financial plan and educating them about their ongoing options and potential tax liabilities. We maintain everyone’s privacy while providing solutions to complex planning issues that may arise. Of course, different generations and personalities have different goals, needs, and risk tolerances. All of this is taken into account as we develop strategies meant for long-term success.

Intergenerational family wealth planning is a priceless gift that brings families together. Let EKS Associates provide your family with a customized plan that will grow, preserve and transfer your wealth for generations. Contact us today to learn how we can help your family.