Securing Your Wealth Beyond the Third Generation

Whether you have inherited your wealth or have built it yourself, you likely want to share this wealth with the next generation and beyond. A concept has been echoed by other people and various cultures, with the underlying notion being that the first generation builds the wealth, the second generation spends the wealth, and the third generation rarely sees any of the wealth. We are committed to crafting estate plans that will disprove those words and provide for many future generations.

How to Protect Your Family Wealth through Estate Planning

While the state have a default plan for distributing your assets after your passing, you have the option to take control through estate planning.

Creating an estate plan is a way to officially outline what you want to happen to your money and property after you pass away. You can specify who will receive them, how much they will receive, and when they will receive it. This is done through a long-term planning tool called a trust, which when properly funded, can even avoid the costly and time-consuming probate process.

To provide further protection for your beneficiaries, you can also establish discretionary trusts that help shield the assets from potential creditors or former spouses, ensuring that the funds are preserved for the intended beneficiaries. You can even write a personal letter addressed to your loved ones to convey your goals and intentions using clear and understandable language to prevent possible conflicts. Lastly, selecting a trustee whom you trust is crucial for achieving your planning objectives. This guarantees the well-being of your beneficiaries while safeguarding the wealth you have accumulated.

If you’re concerned about your wealth being squandered due to financial mismanagment, a lifetime gift can be a smart solution. A lifetime gift in a trust refers to the act of gifting assets or money to beneficiaries during your lifetime. It involves transferring ownership of certain assets to your trust, and allowing you to manage them for the beneficiaries. You can then distribute these assets to the beneficiaries according to the terms and conditions specified in the trust document.

Through lifetime gifting, you can pass on your wealth and values, teach financial responsibility, and promote long-lasting, multigenerational legacy planning.

How to Get Started?

Planning for the future and providing for multiple generations is a meaningful way to leave a lasting impact on your family. To make sure everything is done correctly, it’s important to carefully plan with experienced professionals. If you’re ready to take the next step in your planning, here are the first 2 steps you can take:

1. Meet with your professional advisors:

Financial Planner – Provides you with valuable knowledge and help organize your finances in a way that supports their growth and ensures they are accessible to future generations.

Tax Professional – Offers guidance on the immediate and long-term tax implications of your financial and estate plans, whether you are currently exploring options or have already put plans into action.

Estate Planning Attorney – Capture your wishes and instructions in a legally enforceable document. Reach out to us, and we can guide you through the process.

2. Have a clear conversation with your family

An open and honest discussion about money can be challenging, but it’s crucial to ensure that your intentions are understood and respected. By communicating your plans in advance, your family can play a key role in preserving and passing on the wealth to future generations. When they are aware of and comprehend your wishes, they can better uphold and honor them.

Start Planning for the Future Today!

We are dedicated to supporting families and ensuring a lasting legacy that breaks the cycle of wealth loss in three generations. Schedule a consultation with us today to discuss your aspirations for the future. Together, we can create a comprehensive plan that benefits not only the present but also future generations for years to come.

750 F Street, Suite 2
Davis, CA 95616

333 University Ave, Suite 200
Sacramento, CA 95825

3017 Douglas Blvd, Ste 300
Roseville, CA 95616

288 Pearl Street
Monterey, CA 93940

San Antonio
18756 Stone Oak Pkwy, Ste 200
San Antonio, TX 78258

We operate on an appointment-only basis other than our Davis office.

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