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Preserving Wealth for Future Generations

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The 3 Pillars to Creating Lasting Family Wealth which have guided many High Net Worth families to maintain Intergenerational Wealth include:

Pillar 1 – Establish a Family Office -

A Family Office consists of a Team of Trusted Advisors who work together for the common good of the Family. In many instances, The Financial Advisor acts as Lead and coordinates with other key members including and not limited to an Accountant, Estate Planning Attorney, and Business Attorney.

The Family Office is truly a Protective Measure where everybody works together to accomplish important Family Goals and Endeavors. The Team is dedicated to Preserve, Protect, Perpetuate Wealth indefinitely, and most importantly Keep Financial Predators out.

Pillar 2 – Create a Family Constitution -

A Family Constitution details your Core Philosophy and Value pertaining to Money. It can and should contain specific language on how the Assets should be managed. Why not create a short 5-minute Video for your spouse or children? “If you are watching this video I am no longer here”. Go out on a Positive note. Let them know just how much you Love them and what qualities you so admire in them. Share some of your successes and failures so they repeat the good and not the bad. Clear up any uncertainty as to who inherits what. The Family can set rules in place such as “Perform in this capacity in order to receive this benefit”. Families can even include incentives for challenged children such as “For every dollar you earn we will match you, dollar for dollar”. This may potentially reduce the likelihood of children developing into Trust Fund Kids and encourages a “Work Hard Mentality”.

Pillar 3 – Family Retreats –

It is helpful to organize a dedicated Family Retreat once or twice a year. This can allow the Family to bond and regularly review Family Goals and Philosophy pertaining to Life and Money. It can help foster and cultivate the skills needed to handle money wisely. Remember, most families did not become successful by buying a once in a lifetime stock or by luck; they achieved their success by having a good Team and Philosophy in place as well as a good Work Ethic.

Call us today for your Complimentary 1 Hour Review of your current Financial & Estate Plan (949)-474-8440