Perpetually Looking Forward

In this recent series of articles, we’ve been examining some of the factors that go into creating a family legacy, such as establishing and passing down family values and teaching responsible stewardship to future generations. We conclude this series with a look at certain structures that can help high net worth families protect their wealth so it becomes dynastic.

n this three-part series, we are highlighting what we view as the three tenets of maintaining family wealth: values, stewardship, and structure. If family wealth is to survive over many generations, each new generation must respect the assets earned and passed down from previous generations. This requires that family patriarchs teach responsible stewardship of the family fortune to their children and grandchildren.

In this three-part series, we are highlighting what we view as the three tenets of maintaining family wealth: values, stewardship, and structure. Many businesses create value statements that contain their core values and beliefs. These are vital documents and are referred to when businesses make critical decisions

In a recent article we detailed strategies to help you reap tax and estate planning benefits when donating to charity. But have you taken a step back to think about your overall charitable giving philosophy? Every year, we are flooded with opportunities to donate to very worthy causes, and it can be difficult to decide which opportunities to take, and which ones to pass on.

In this ongoing series, we are profiling several Simon Quick clients to reveal some of the financial and estate planning challenges faced by wealthy families and how we have been able to help them meet these challenges.

After a year of delays due to the coronavirus, the 2020 Tokyo Olympics officially concluded with the closing ceremony on August 8th. For two weeks, all eyes were on the 11,000 athletes who competed in the games, and it was easy to see how the years of rigorous training,  mental strength, and highly tailored goals put these athletes on the path to success. There are lessons we can all learn from these athletes - the importance of establishing goals and priorities in our everyday lives.

There have been reports that legislative changes could be coming that would impact estate planning strategies for wealthy families and individuals. The potential for change has some people accelerating their gifting strategies to take advantage of the current regulation. Of course, we can’t rule out the possibility that new tax law will be enacted retroactively, so others are a bit more hesitant to take any action at this time.

The terms “financial advisor” and “broker” are both commonly used in the financial services industry. While some people use the terms interchangeably, they actually describe two very different kinds of financial professionals.