Is Ultra-High Net Worth Advice Different? | AWM Insights скачать в хорошем качестве

Is Ultra-High Net Worth Advice Different? | AWM Insights

How do you establish a family legacy that transfers to the next generation? This is the most difficult task ultra-high net worth families will face. Of course, technical expertise is important when creating a legacy that will last generations, but the next generation must be prepared to steward wealth. Waiting until it’s too late is the worst thing you can do as a wealthy family. If transferring your family culture is important to you, the right team with the right experience can prepare your family for generational wealth transfer decades before it actually happens. Have questions for an upcoming episode? Want to get free resources, book giveaways, and AWM gear? Want to hear about when we release new episodes? Text “insights” or the lightbulb emoji (💡) to Brandon at (602) 704-5574 to join our new AWM Insights Network. EPISODE HIGHLIGHTS: (0:54) Why do you have an advisor? From just starting out up to ultra-high net worth ($30MM+), what is different in the advice? (1:11) Mo money mo problems. With more wealth, the situation can become complex. (1:37) Tax planning is essential for everyone but for UHNW it can be a huge impact. (2:09) For UHNW, should you set up a foundation, or is a donor-advised fund better? (2:58) The estate tax and estate planning allow you to leave more to your second generation or leave more to charity. (3:25) If you’re wealth is illiquid, being thoughtful about how to manage that illiquidity is vital. (3:54) Real estate is an illiquid investment that can take days or months to turn into cash. (4:15) Determining how you set priorities and who is making decisions is an incredibly important part of the process. This is a complex and unique situation for each family. (4:46) There are two categories, technical expertise is the most obvious and involves the expertise and team of experienced and qualified individuals. (5:15) An example of technical expertise: our tax team found a $150,000 missed QBI deduction for a new client because of more eyes and more expertise for the client. (6:40) The second category is the transfer of wealth. The family governance concept is crucially important to avoid the “shirtsleeves to shirtsleeves” problem where generational wealth is squandered. (7:36) The next generation is an afterthought in almost all wealth management. (8:11) Waiting until it’s too late to educate the second generation is a huge error because, by the time they are in their 20s or 30s, they have already established much of their principles and values on money. (9:02) Our clients, whether on the field or in the boardroom are the best in the world at what they do. We want that same mindset to bleed into every aspect of life. High performance in every aspect of life maximizes the impact you can make in your life and the legacy you leave behind. (10:42) If multi-generational wealth is important to you, get to the core of how that is going to happen. Technical expertise is a must but there has to be a focus on the transfer of wealth and a stewardship focus for the second generation. (11:20) Future episodes will focus on the principles and values to help the generational wealth transfer.