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In this final installment of our series, we will explore (at a very high level) the consequences of not planning for your death. Please keep in mind that estate planning can be very complex or very simple, depending on the decedent’s wishes, and we have covered only a small portion of the topic over the course of 2024.
This edition will look at how Trusts can help establish a family legacy, both through charitable giving and in educating future generations on how to be good stewards of family wealth.
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There is a saying in wealth management that goes “the first generation makes it, the second generation saves it, and the third generation spends it”. Whether due to poor investment performance, spendthrift beneficiaries, or non-income producing assets, true generational wealth is difficult to shepherd through multiple generations. Trusts, while not foolproof, are one effective way to protect assets from beyond one’s lifetime.
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When people think of Trusts, they generally think of them at the end of someone’s life, whether it’s an inheritance or part of an estate plan after retirement. While these scenarios are quite often the case, there are many reasons to explore creating a Trust.