The Informed Investor

What You Should Know About Intergenerational Wealth Transfers

September 13, 2021

Whether through hard work, good fortune, or both, your family has been blessed with substantial wealth. Managing intergenerational wealth and transferring it from one generation to the next requires a team of skilled professionals: both financial advisors and attorneys who specialize in estate planning. At ICC, we specialize in helping you meet your goals regarding comprehensive wealth transfer strategies that involve both you and your beneficiaries. Here’s what you need to know.

Your Relationship with Your Financial Advisor Is Critical

When you work with the ICC team for intergenerational wealth transfer strategy, you’re not simply a client to us. We strive to build lasting, long-term relationships with each of our clients. It is only through such a relationship that we are able to truly understand your goals, values, and priorities.

Your wealth advisor will meet with you on a regular basis to keep you updated on your portfolio performance and the economic outlook, but we also go beyond investment management guidance. We help connect you with other professionals who can provide assistance, including estate planning attorneys and qualified accountants, assist you with other types of financial planning. Our in-house specialists in estate planning and accounting can also offer support whenever you need it.

Every Family Has Different Goals

If there was one single intergenerational wealth strategy that worked for all families, we wouldn’t be in business. We first listen to your goals and concerns, then develop a unique strategy that helps you put your plan into action. This may include:

Multigenerational Wealth Requires Multigenerational Participation

Less than 10% of family wealth survives the transition to the third generation. Our goal is to make sure your family isn’t one of the 90% that loses their wealth over the years. To do so, we focus on long-term strategies, rather than short-term returns, and we serve your entire family, not just you. This means facilitating meetings with your beneficiaries and including them in the financial planning process. You will make all the important decisions, but keeping your family members informed about family finances will better prepare them to take their responsibilities seriously and understand their role in passing wealth to their own heirs someday.

Wealth Isn’t Just Financial

Intergenerational wealth often involves business succession planning as well. It’s common for wealthy families to have one or more businesses and plans must be made for how (or whether) they are transferred to the next generation when the time comes. There are the logistics of determining different roles for each family member, but also tax and other financial implications. Our team can help you address all of these concerns in collaboration with your other estate planning professionals.

Learn More About Retirement Planning With ICC

To learn more about our intergenerational wealth transfer services, contact us today at 702-871-8510. ICC has been providing investment management services since our founding in 1987. As one of the largest independent financial planning firms in Nevada, we hold ourselves to a higher standard: the fiduciary standard. This means we have eliminated or disclosed possible conflicts of interest. We do not sell our own investment products nor do we receive commissions, so our only goal is helping you achieve your financial objectives.


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