Gone are the days of creating legal structures to hold your assets, pass your fortune on to the next generation and, of course, avoid paying estate taxes. Gone are the days of planning for your death. It’s time to plan for your life.
Estate planners may very well help you tidy up your affairs for when you die, but who is helping you with your life decisions?
One of the biggest reasons that wealth is historically made and lost in three generations is due to trust and communication, or a lack thereof.
What you have already done in terms of estate planning can most likely be salvaged and incorporated into a more effective legacy plan.
Every millennial absolutely needs to be thinking about their legacy because, like it or not, they have already begun to live their legacy.
When we talk about “generational wealth” we do not mean wealth for wealth’s sake. Instead, what we really mean is wealth for opportunity’s sake.