There’s no denying that the odds are stacked against those who want to preserve their family wealth. In the majority of cases, any family assets that remain after the second generation are completely gone by the third—meaning the grandchildren of wealthy earners could be starting with nothing.
Strategies to Preserve Wealth Beyond the Next Generation
While it’s relatively easy to pass on family wealth with an estate plan, few of the necessary documents have the right tools to make the fortune last for multiple generations.
An experienced estate planning attorney should help you with your:
- Financial literacy. It takes money to make money, but that’s not the only thing you’ll need to grow your fortune. If you want to put your inheritance to work, you (and eventually your heirs) will need to have basic money management skills and an understanding of where and when to invest.
- Divorce protection. Half of all married couples will divorce in their lifetime. If your child’s future marriage ends in divorce, there’s a good chance their ex-spouse could claim some of the family wealth in a settlement. A well-structured trust can help ensure that an inheritance goes to your child and only your child.
- Lawsuit liability. Your family fortune could be gone in one fell swoop if you (or your heirs) are named in a lawsuit. An asset protection trust can keep your nest egg out of reach from various legal claims. Since the trust is a separate entity, it cant be used to pay a judgment against you or your beneficiaries.
- Legacy planning. The day will come when everything you have will be passed on to your next-of-kin. You can help keep the family unified from one generation to the next with a legacy plan, a written strategy designed to give future heirs the wealth-protection information they need.
We can help you structure your estate plan to keep the family assets intact, giving you and your heirs full protection and peace of mind. Contact Landskind & Ricaforte Law Group, P.C. today through our online form to learn how we can be of assistance.