The Challenge
An ultra-high-net-worth family had accumulated substantial wealth over multiple generations through their family-owned business. After the billion-dollar business was sold, a member of the next gen recognized the need for comprehensive estate planning and educational guidance to ensure the responsible stewardship of significant family and personal assets.
We were recommended by a fiduciary officer of a major international banking institution to educate and empower this next gen member and also craft a customized estate plan that would:
- Protect assets for generations to come.
- Provide educational guidance to prepare the next gen for their responsibilities; and
- Provide ongoing legal advice and counsel on asset planning.
The Solution
Our team worked closely to develop a tailored estate plan and trust structure that addressed these unique needs and goals. Key components of the solution included:
- Protective Trust Arrangement: We established a customized dynasty trust to protect assets in the event of divorce, while shielding wealth from potential creditors and providing robust tax minimization across generations.
- Ongoing Educational Programming: We created customized PowerPoint presentations and one-on-one coaching sessions to educate the next gen family member on the terms of specific complex trusts containing significant family assets, fiduciary duties, philanthropy and family governance. This ensured that this next gen member was equipped to make informed decisions about the family’s decision-making and wealth.
- Long-Term Partnership: We continue to provide ongoing counsel regarding family assets and are getting to know other next-gen members.
The Results
Through our comprehensive approach, this next-gen member was able to successfully navigate the complexities of multigenerational wealth management:
- The trust structure safeguarded assets, reduced tax burdens and mitigated risks.
- The educational programming empowered the next gen to become an effective steward of the family’s wealth and legacy.
- Our guidance has resulted in a long-term partnership as the family continues to manage, preserve and grow assets.
