What is Wealth Transfer in the broader view?
When you have significant wealth, you have a lot more options
Optionality and comfort is what Generational wealth provides in abundance. When you are generationally wealthy, you get to choose what happens to your money – this is especially true if you understand before you are extremely wealthy, how to plan for taxes, personal goals and legacy considerations. Many people don’t want to transfer the whole amount of their wealth to the subsequent generations for varied reasons. But charitable giving and social good causes can also be a great way to transfer wealth. Others don’t have subsequent generations in place and therefore don’t have a plan to transfer wealth to future bloodlines. Many want to spend their money before they leave this life – and wealth transfer is nuanced and interesting as a standalone concept.
What do you want to do with your generational wealth?
Clicking one of these buttons will take you to a page that highlights wealth transfer concepts for someone with similar desires as you.
I’m want to pass wealth to my family
I Don’t want to pass all my Money to my family
Some more about Wealth Transfer:
Generational Wealth requires forethought about what you’ll do with all that money when you’re no longer living. Additionally, if you grow your wealth enough, you will want to probably cement a legacy while you’re still alive. Wealth Transfer can be complicated but it is definitely something you want to be thinking about. If you’re in a position to pass generational levels of wealth, you’re in need of wealth transition planning. And that doens’t just mean you are creating a bunch of trust fund babies in the future – though that is one possibility if you plan properly. Philanthropy, or even world changing charitable contributions can be a real-world consequnce of your Wealth Building and prudent risk management over the years as you built your wealth. The point? There are a lot of options when you have wealth.
Please be sure to note our disclaimer: This is not Investment Advice, we are not your Advisor.
The Baby Boomer generation is the largest benefactor of wealth in history as a generational class. Just as it’s easier to compound wealth when you are already wealthy, The baby Boomer’s Wealth Transfer is likely to effect even more compounding and create even wealthier generations going forward. If the recipient generations are smart about what they inherit. Notwithstanding – even if the generation that inherits the wealth built by Baby-boomers makes all the mistakes, and loses much of that wealth or improperly spends it, there is still hope. A.I., tech innovation, the spread of concepts and access to information that exists currently makes it highly likely that more people will be able to make more money in this generation than previous generations. And that trend probably continues moving forward, unless some dystopian plotline takes precedent.
All joking aside – transfer of wealth is a real topic for discussion, and we do our best to provide significant planning ideologies to help you determine the right path towards utilization of your wealth after you’ve built it up.
The Components of Building Generational Wealth
CREATING WEALTH
AMASSING WEALTH
PROTECTING WEALTH
TRANSFERRING WEALTH
Some interesting concepts about Transferring Wealth:
Hub Page for ideas about generational wealth transfers with your family at the center of your plans
I don’t want to pass all my wealth to my future family members
Why Estate Planning should be considered before you have a sizable estate
What are the different options for Wealth Transfer once I have a large amount of wealth?
What if I don’t have anyone to transfer my wealth to?
How Insurance can help with Wealth Transfer at End of Life
Creating a legacy – Why there is no one-size-fits-all approach
Keeping your principal, and transferring it with the right plan
Important Financial Aspects of Generational Wealth
Business
Strategic Planning
Insurance
Taxation
Frequently Asked Questions about Wealth Transfer
I'm a baby boomer - What should I be doing to properly transfer my wealth?
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Is my plan good enough to withstand changes in regulation for my desired wealth transfer?
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Do I really need a team of professionals to help me plan my wealth transfer?
The shortest answer is an emphatic YES! You’re not going to risk all that time and effort, and money that you built up over the years by cutting corners with your planning – it’s just not that smart. That said, it can be annoying to pay such high fees to specialty strategists, lawyers, accountants and other professional services people. We think you’d be better off if you plan early, to get ready for your wealth transfer strategy – long before you have to spend the money on legal entities, advice and taxes to ensure your goals are met. We’ve got a page that talks about wealth transfer teams, and what you should be looking for when it comes to hiring professional advisors.