Preserve your assets

• Set clear goals for family wealth based on clear family values.

• Anticipate asset growth over generations.

• Don’t fall into traps when titling assets.

• Understand tax erosion on retirement assets.

 

Preserve family harmony

• Take advantage of gifting and generation-skipping strategies.

• Remember that equal and fair are different for asset distribution.

• Don’t neglect safeguards for family members with special needs.

• Be aware of the impact on estate planning when a spouse remarries.

 

Preserve your business 

• Don’t wait too long to groom family members for business ownership.

• Secure the employment of key people to support next generation owners.

• Let life insurance resolve active/non-active family owner conflicts.

• Understand the tax consequences for sellers and buyers.

 

Preserve your heritage

• Understand the challenges unearned wealth puts on young heirs.

• Make a family plan for stewardship of family assets.

• Use life insurance to expand opportunities for family philanthropy.

• Don’t complete your estate plan without disclosing decisions to heirs.