It’s not always easy passing wealth to the next generation

It’s not always easy passing wealth to the next generation

by | 6 - Build and protect your wealth (including trusts), 8 - Pass on your wealth (including EP)

When it comes time to make an Estate Plan, most people have at least some idea who they want to give their wealth to. In many cases, they first want to give it to their partner, and then after their partner dies, they want to share it equally among their children. This is what we call the ‘standard’ or default choice.

For families with considerable wealth, there is one more ‘layer’ of planning you must consider. This is the scenario if one of your children dies, either before or after inheriting.

Once again, there tends to be a default in this scenario, that is, the children of your child (i.e. your grandchildren) will take their parent’s share. In this manner, the wealth passes down your ‘family’s bloodline‘.

This sounds simple and appropriate, but it does raise several critically important issues – that justify more thought.

The first actions you need to take if you have been appointed to manage your family’s charitable foundation or a Private Ancillary Fund

The first actions you need to take if you have been appointed to manage your family’s charitable foundation or a Private Ancillary Fund

by | 14 - 90, 14 - Give back to the community (charity and NFP)

If you have been newly appointed to manage a Private Ancillary Fund, you may feel overwhelmed or unsure what you need to do first. You do not want to get bogged down in administration when real objective is to make a positive impact on your community. We have put together a simple list of the first actions you need to take to make sure you start on the right foot.