Ever wondered how wealthy families preserve their fortune for multiple generations? On this episode of A Wiser Retirement™ Podcast, Casey Smith and Missie Beach, CFP®, CDFA® talk about ways to ensure you can successfully pass down your assets to create multi-generational wealth.
We kick off our conversation by understanding the concept of generational wealth and how important education and communication are in ensuring a successful transfer of wealth to the next generation. We share the inspiring story of a client who sought our help to protect their parent's legacy, and we delve into how you could be a catalyst for building wealth in your own family.
As we navigate the complex journey of generational wealth creation, we discuss how establishing a trust can insulate your wealth from external threats. If you've ever faced failure on this journey, don't worry! We chat about the inevitability of setbacks and the wisdom they impart. It’s all about learning and growing. Together, we look at setting realistic goals and persevering, because building generational wealth is, at its core, a labor of love.
In our final segment, we concentrate on strategies to preserve multi-generational wealth. From the importance of independent trustees and tax planning to the intricacies of succession planning for a business, we cover it all. Having the right team of advisors in place is vital, and we emphasize how essential they are in ensuring a smooth transition of wealth. We highlight how pre-nuptial agreements and trusts can be powerful tools to safeguard your wealth. So, tune in for an enlightening discussion that could inspire you to start building your own multi-generational wealth and legacy.
Podcast Episodes Referenced:
- Ep 152: 10 Tax Planning Strategies for High Net Worth Individuals
- Ep 128: Transferring Wealth from Generation to Generation
- Ep 117: What is Generational Wealth & How Do You Preserve It? With James E. Hughes Jr.
YouTube Videos Referenced:
- Asset Protection for High-Net-Worth Individuals
- Building a Legacy BEYOND Financial Wealth
Learn More:
- About Wiser Wealth Management
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This podcast was produced by Wiser Wealth Management. Thanks for listening!