According to the old saying with it comes to family wealth management ‘the first generation makes it, the second maintains it and the third blows it’. Unfortunately looking at the history of some families shows this saying has a fair grounding in truth.
Many families today however want to ensure that the accumulated family wealth survives far beyond the third generation indeed most clients are looking to provide a wealth structure for members of their families they will never live to see.
We help our clients with dynastic planning by looking at the governance of the family unit and its accumulated wealth, by working with the family members to put in place the correct strategy which best suits the family’s needs both at present and ongoing and which reflects its core values. We look at both the legal and emotional issues associated with family governance.
For some families the way forward is the use of a single family office, while for others it is joining a multiple family office however while the Private Wealth Team regularly advise on family offices both single and multiple (click here for further information on family office); these are not the only two options open to families looking for a long term strategy for wealth preservation.
Our first step is to establish the core values of the family, to set out who are the beneficiaries in successive generations, will spouses be catered for, what wealth is there to be administered and how best can the exposure to worldwide tax liability be minimized.
The structuring of a family’s administration can be covered by something as simple as a family charter in which the family members set out their core principles or it can be covered by more complicated structures including private trust company structures, family investment companies and other investment structures.
For more information on our family wealth management & administration services please contact: Olivia Cooper