Family Wealth Transitions

Every year, real money, in significant amounts, is lost by families who never got around to discussing and developing a well-planned wealth transition strategy. Your personal wealth transition strategy does more than provide the who, what, where, when, and why regarding your financial assets; it provides the opportunity for you to communicate your final wishes, your values, and the legacy that you want your loved ones to remember you by.

Yet the multitude of tasks required to prepare for a wealth transition and communicate the plan effectively to your heirs can become challenging. Add in the personal opinions and wishes of multiple generations, coupled with a complex tax code, and the process can seem downright daunting.

It’s important to partner with an unbiased third party with a unique understanding of preparing effective wealth transition strategies who will be there to help you every step of the way. That’s why Reilly Financial Advisors offers family wealth transition planning to all clients at no at extra cost. We will work with you collaboratively to understand your desires, your potential outcomes, and what you do and don’t want to share. Then we’ll create a meeting agenda and host a gathering for your family to discuss its contents. Simply reach out to your RFA Senior Wealth Advisor to start the process.

If you’re not a client of Reilly Financial Advisors and want to go about this process on your own, below is some helpful information to start you down the proper path.

Family Wealth Transitions Pre-Meeting Checklist

  • Have you proactively created the necessary trusts and/or wills?
  • Have you determined whether this is the right time to disclose your assets to your children/heirs?
  • Have you prepared for the initial family wealth transitions meeting by preparing a list of attendees, anticipated questions, the roles of heirs in the transition, potential objections, asset values/balances, and other professionals who may need to attend (estate planning attorney, CPA, etc.)?
  • What are the objectives of the initial meeting?
  • What documents are to be reviewed at the initial meeting?
  • Is your financial plan up to date?
  • Are there additional items that should be discussed?

Prepare and Distribute a Meeting Agenda

After the discovery process, you must determine the right time to set the first family wealth transitions meeting. A meeting agenda that can be distributed before or during the initial meeting should be prepared. This agenda will usually include the following:

  • Today – why are we here?
  • Future considerations
  • Future communications and planning

It’s important to work with an unbiased professional to help facilitate the meeting for you and your heirs. It’s also critical to understand that the family wealth transition process is just that—a process integrating your family.

Download Our Free Guide

This free guide is designed to teach you why successful family wealth transitions entail more than just creating an estate plan.

Among other things, this guide will cover…
• Critical estate planning elements to not overlook
• How to prepare trustees and beneficiaries for their roles
• The importance of family meetings and early communication

Download Now

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