Financial independence comes with responsibility and the need to ensure the family’s well-being now and in the future. Family wealth involves much more than just the financial resources of a family, it includes a number of less tangible but critical things that must be paid attention to, especially in planning for inter-generational wealth transitions. Leaving a lasting legacy can be achieved a number of ways and understanding how this works best for the family requires careful consideration and reflection on more than just numbers.
A review of the following four key wealth planning areas should be undertaken in arriving at a holistic financial plan for your family. Significant thinking around these key areas will help you better understand existing areas of concern and help tailor the overall plan required to fit your family’s needs:
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