Every family passing along wealth or control over assets to the next generation should have annual family meetings to review success. Clients with more than $1,000,000 of assets passing to charities or family members often need to review a variety of legal, tax, and investment issues. Professional help is often needed when communicating goals for transferring wealth to heirs or philanthropic causes. Communication is often most effective in family meetings that affirm family relationships and illustrate how discussions of technical planning details foster deeper relationships. Ideally, each family meeting should be led by an adviser who understands the family's relational dynamics as well as the technical issues related to transferring ownership, cash flow, control or management responsibility to the next generation.
- Develop a strong sense of
- Inspire each family member to
pursue a calling
- Establish clear leadership and
- Help family members understand
their responsibilities and
likely rewards related to
upholding the family's values
- Clarify how and when families should fund charities while maintaining permissible access to income from assets given to charity.