You’ve worked hard to save money and prepare for a comfortable retirement. Hunt Valley Wealth can help you make the most of it.
Building generational wealth is a key aspiration for many families. Building that wealth is one thing—preserving it is another matter entirely. Research has shown that 70% of family wealth is lost by the end of the second generation, and 90% is lost by the end of the third generation.1
At Hunt Valley Wealth, we understand the unique challenges and complexities that come with family wealth. We help families maximize their financial potential and build Legacy Wealth: the kind of wealth that allows you to leave your unique mark on the world.
The matriarch of a wealthy family came to us with concerns about transferring wealth to the next generation of her family.
She worried that her children were not prepared to take on the responsibilities that come with inheriting significant wealth, and she wanted to ensure her family’s wealth would be in safe hands once she was gone.
After talking with her and her husband, we learned that their estate plan was not as robust as it could be. There were a variety of opportunities to reduce the taxable burden on the estate and to better protect the family wealth from potential mismanagement through the use of trusts.
How We Helped
- Worked with the family’s estate planning attorney to develop estate planning and philanthropic solutions to reduce the eventual income and estate tax burdens and ensure the causes which were important to the family benefited according to their wishes
- Consolidated the family’s investments and realigned them with a view towards reducing their tax liability
- Held joint meetings with generational family members to discuss the current state of the family wealth and prepare them to be good stewards of their inheritance through education and behavioral finance
- Engaged the next generation of family in charitable giving endeavors
- Audited the family’s insurance coverage to identify gaps and find cost-effective solutions to preserve wealth through the next two generations
Ready for a personalized approach to wealth management?
Speak with a Hunt Valley Wealth Advisor