Family wealth succession planning

When your children strike out on their own. When your parents pass away. When you retire. These are the times you start to think about what your wealth means beyond you and your personal goals. Transitioning your wealth to the next generation can be complicated. It can also get pretty emotional. Our Private Bank wealth advisors understand the technical demands and the family dynamics. Why? Because we see part of our job as being able to successfully bring families together to help preserve and extend their wealth.

Who’s in line?

For individuals and couples with substantial assets, finding the most direct and effective way to transfer their wealth to their children is usually the goal. But you might also have other plans for your assets, including other family members and charitable gifts. Getting it right can make a difference in how much they all get. And how efficiently they get it.

When you’re deciding who will inherit and benefit from your wealth, we recommend bringing your children and other family members into the conversation early on. Inviting them into a goals-based advice discussion with a Private Bank wealth advisor can help set expectations, uncover potential obstacles, and get everyone behind a shared plan of action. Establishing a family wealth governance framework can formalize your plan, and document policies and procedures for decision making.

If you’re a business owner, we offer specialized advice and services to help implement a succession plan specifically for your business.

A gift—or a lasting legacy?

Passing your wealth to the next generation boils down to two basic options: making an outright transfer or holding the assets in a trust. It’s important that you and your children and other beneficiaries all understand the benefits—and repercussions—of each approach.

Opening up the discussion gives you the chance to make your wishes clear. And it gives your beneficiaries information they need to make better decisions about their own long-term financial plans.

Whichever way (or combination of ways) you choose, our wealth advisors and trust and estates specialists can help you create a thoughtful and rigorously documented estate plan

Now or later? Or both?

The goal is to continue to benefit your children, family and other designated beneficiaries after you’re gone. But starting to transfer some of your wealth now may offer tax and other potential wealth protection benefits.

Discussing the pros and cons of giving now versus later with our wealth advisors can help you establish the most efficient and least costly path—for you and your beneficiaries. We also provide guidance and a range of options for tax-efficient, multi-generational strategic giving, including family foundations and charitable trusts.

Preparing properly. It’s not something most of us want to do. But it is one of the greatest gifts we can ever give to our loved ones—our family and the people we’re closest to.

  • Family office advisory
    Our Institutional Wealth Management practice delivers the firm’s robust capabilities to family office executives with the advice, experience, ideas and bespoke service of the Private Bank to support institutional level investing.
  • Family wealth governance
    When a lot of money is at stake, family wealth governance can be critical to family harmony. We can help you put the right policies and procedures in place.