The most successful wealth succession plans prepare the family for the transfer of wealth while promoting family harmony.
Some representative issues in succession planning include:
- Developing the advisory team
- Promoting family communications
- Assuring a secure retirement for the older generation
- Efficiently and fairly distributing assets to the next generation(s)
- Retaining control of assets until the next generation is ready
- Passing control to maximize family benefits
- Providing safeguards to minority owners
- Minimizing estate, gift and income taxes
- Developing a family LLC
- Investment training for younger generations
- Instilling Family Values
- Charitable Giving
When you donate to charity you want to maximize the benefits of your gift and assure the gift is utilized as intended.
Some representative issues in helping you plan include:
- Lifetime gifts save income taxes and estate taxes
- Gifting appreciated assets avoids tax on appreciation
- Charitable trusts can allow an income stream to be retained
- Gift annuities allow an income stream to be retained
- Contracts on major gifts assure compliance with donors wishes
- Family involvement
- Donor advised funds
- Charitable foundations
