As financial advisors since 1967 to families with substantial wealth, we have seen first-hand what works when it comes to transferring assets to the next generation. We not only consider the logistics of asset transfers but also the circumstances that would allow for the best possible outcome. Each situation is different, of course, and depends greatly on the personalities and capabilities of the younger generations. But over the decades, there are certain common sense guidelines that become evident.
What are those guidelines? In a recent article titled “The Age of Responsibility,” LNWM Client Advisors present how they would advise clients with significant assets that they would like to pass on to their children and grandchildren. When it comes to nextgen asset transfers, the “when” should be just as carefully considered as the “what” and “how.”