Unlike the Estate Planning Process, the Liberty Group’s approach to the Family Wealth Planning process focuses on life, not death. This 13-step process requires a lot of thought because it addresses both tax and non-tax objectives. And because the process addresses beliefs, business, investments, family and taxes in an integrated manner, it has the potential to improve your family’s situation both while you are alive and after death.
Within our Family Wealth Planning, the Liberty Group seeks to help our clients clearly articulate family objectives, connect clients with competent advisors, implement lifetime planning techniques as well as educating and motivating family members and heirs.
Without the proper structure and counsel, family wealth came become compromised due to many different perils; to include economic downturns to interpersonal family dysfunctions and beliefs. Allowing family members to understand the how and why behind a Family Wealth Planning Strategy can help to alleviate future misinterpretations which can often lead to resentment.
Family wealth planning is a lifetime process of educating, explaining and experimenting. Done properly, your plan includes management succession and the preparation of your heirs for their roles in the business. It really should not be focused on death. Instead, view it as an integral part of preparing your children for their lives, while recognizing your needs for the future. Accompany the material gifts with the gifts of understanding and appropriate values.