Passing wealth or private businesses to future generations is a key element of both estate planning and business succession planning. When the wealth or business is staying in your family, creative solutions must be applied to minimize taxes and take into account the family dynamics. Generational Planning needs special, careful consideration to all the various elements such as control, timing, taxes, and the nuances of your family dynamics.
Trusts and Family Partnerships may also play a role in passing down wealth. Tax savings may be achieved by shifting asset growth to future generations at discounted values. For privately held businesses, a Private Insurance Company may help with this process. Generational strategies that insure the efficient transfer of wealth will allow us to help you protect your legacy. Tradition will assist in quantifying the impact of proper estate structures and gifting strategies as appropriate.