At the Alchemia Group we are helping our clients think & act differently in regards to their wealth and its impact on thier family - because we know it is more than just numbers and plans, it's the Balance of Art & Science with Pragmatism and Vision.
Not really but this does point to the main reasons most families think about their family wealth planning – changes in tax laws or the economy, such as interest rate increases. Right now planners all over the country are encouraging clients to implement strategies that work well in a low interest rate environment. But there is little or no conversation around how these strategies will enhance the lives of the beneficiaries. It is all about enrichment, tax savings and asset protection.
If you are thinking about doing some wealth planning before the end of year, whether it be a cash gift or something more complicated, I suggest you have a conversation with your advisors about the real impact of the gift. How will it enhance the lives of your children? How will it enhance your relationship with them? What do you hope it means to them as recipients? Addressing these questions as part of wealth planning can make for a more meaningful gift that is still asset protection and tax smart.