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Starting the Wealth Transfer Conversation

Starting the Wealth Transfer Conversation

  • 10.16.17
  • Lifestyle & Personal
  • Planning and Retirement
  • Article

Legacy planning is a chance to engage your spouse and heirs with deep, meaningful conversations about health, wealth and the future.

Successfully passing on wealth is complex, both emotionally and practically, but the effort is worthwhile for your own sense of satisfaction and the security of those you leave behind.

It’s not a strictly monetary process; instead, it’s a chance to engage your spouse and heirs with deep, meaningful conversations about health, wealth and the future. It’s an opportunity to share your values with the ones you love, showing them how your wealth can support those values over decades, even centuries.

Raising Vital Questions

From a place of reflection, dig deep and unearth the questions you want your legacy planning to answer, using the ones listed below as a starting point. Like many, you may discover you don’t have all the answers. That’s okay – your team of professionals can help you find what you’re looking for.

What legacy would you like to leave and to whom? You should take into account non-financial topics such as your values, expectations, the roles your family members will play and more.

Is your family prepared to competently manage their inherited assets?
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If something happened to you tomorrow, is your family comfortable enough with your financial details to assemble a snapshot of your assets?
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Do you have all the necessary documents in place and do your family members know where to find them?
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Have you introduced your spouse and children to your advisors, including your financial advisor, estate planning attorney and accountant?
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Have you created a comprehensive business succession plan?
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What are your philanthropic intentions?

Wealth’s privileges and complexities deserve – even demand – thoughtful preparation and honest, ongoing family discussions. Work together with your advisor and other planning professionals to find fair answers to important questions, establish trust and open dialogue, and provide the gift of opportunity to those who matter most.