How to Protect Wealth for Future Generations

9:21 pm Asset Protection, Estate Planning

generations 150x150 How to Protect Wealth for Future GenerationsOne of the greatest benefits of accumulating wealth is to help ensure the financial stability of future generations.  This is also one of the greatest challenges wealth creators face.  Fortunately, there are several estate planning strategies you can employ as part of your wealth succession planning, including:

Spendthrift trust.  Bequeathing large sums of money outright increases the chances that it could go to creditors, ex-spouses or an irresponsible heir.  Creating a trust with a spendthrift clause helps guard against these potential calamities.

Dynasty trust.  Succession planning for your wealth means you need to think long-term.  The use of dynasty trusts allows you to provide for direct heirs throughout their lifetimes as well as their heirs.

Family office.  Using a business entity like an LLC allows you to manage and grow the famliy’s wealth over time.

Education.  Pass on your values as well as your wealth by educating your heirs on the family wealth and your wishes for its governance.

Philanthropy.  Having charitable giving as a family focus can help bind heirs together for a common purpose.

Advisors.  Create a trusted group of advisors to help you structure and administer your wealth plan.

For more information on wealth succession planning, contact our Newport Beach law firm.

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