The Elder and Disability Law Firm, APC
Preserving generational wealth is a worthy goal
"Wealth is the ability to fully experience life," according to transcendentalist Henry David Thoreau. While that may certainly be true, most will agree that one can experience more of life if they have the assets and resources to do so.
If you are concerned with not just your own estate planning but about preserving generational wealth, the time to begin is immediately. Without the right stewardship, your family's assets can be scattered to the winds by the next generation.
Elements of the preservation process
Unless your last name is Rockefeller, chances are good that you must be careful not to dissipate your wealth or allow your heirs to do so. The below considerations must be met in order to protect your assets:
- Your resources can resist economic and/or political turmoil
- Your holdings are sustainable over multiple generations
- Your assets are resistant to inflation
Investing wisely can fortify your family's wealth to withstand many external threats. It's a sad fact that subsequent generations often are unable to sustain the wealth during their own lifetimes, let alone for the generations that follow.
Make your assets stand the test of time
Good stewardship begins with the wealth-accumulating generation. Plan a blueprint now for your heirs to follow that clarifies the asset management and financial strategies to employ for the greatest return. This should include tax strategies as well.
From an early age, you should begin teaching your children - and later, your grandchildren - how to be good money managers. Adults who are unprepared to manage their financial affairs can fritter away a lifetime legacy far too quickly.
Bring in professionals
Financial acumen can be taught and learned, but to some extent, people are either naturally good at managing money or they are not. It's, therefore, vital to involve trusted professionals in the fiscal management of the family's resources. From tax advisers to attorneys and financial planners, retaining dedicated professionals to assist you can protect you family's resources.
Leave your heirs a lasting legacy by preserving your family's wealth for the generations that will follow once you have passed on. Taking the proper steps now can extend the assets and resources well into the future.