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Succession & Legacy Planning: Family
FAMILY DYNAMICS
When you initiate a succession and legacy planning process you have the ideal opportunity to examine the interaction of family members. Using opportunities for observation, you can make planning determinations for realities such as: which child interacts well with a parent; which child is better suited to managing their own wealth; does one family member have physical or mental conditions that might preclude owning property outright. These types of observations and decisions are not necessarily easy to make or in some cases even recognizable. After all, these are people that you care for and want to do well.

Within the trust and estate planning industry there are numerous stories of parents allowing their children to run roughshod over them, parents bailing the kids out of tough situations, a spouse who is a spendthrift, a husband who is an inveterate gambler or a child who has substance abuse problems. All of these dynamics need to be considered in family wealth planning.

It is through the use of revocable trusts, irrevocable trusts, charitable gift planning, and other techniques you can assure the best outcome for your family.

  • Revocable trusts are an excellent tool which can be designed to fit in with the present needs of the grantor but then goes on to lay out the plan or plans for a surviving spouse or for the next generations.
  • Irrevocable trusts are another tool which can be used to care for the next generation. Generation skipping trusts create current income for a spouse or child but such a trust also assures the following generation receives the accumulated wealth of the first generation.
  • Charitable gifting trusts can be structured so that the grantor receives a current income tax break and the next generation gets assets without any estate tax implications or the grantor can receive current income while transferring assets out of the estate, thus avoiding federal estate taxes.

What a person must do, regardless of the tools available, is to make an honest and heartfelt assessment of the family dynamic. Once the assessment is in place then it is time to select the tools necessary to fix any problems which may have come to light.

Wealth Preservation Planning

Charitable Trusts

Dynasty Trusts

Family Dynamics

 

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