Tag: financial planning

For many families, giving is one of the most rewarding uses of wealth. In 2024, Americans gave a record $592.5 billion to charity, highlighting how generosity remains at the heart of our culture, even amid rising uncertainty and changing philanthropic trends.

For many business owners, selling a company is the culmination of years or even decades of risk-taking, sacrifice and more than a few sleepless nights. It’s a major life event, and most business owners I encounter put a great deal of planning into the transaction.

There is no one-size-fits-all rulebook for how to talk to younger generations about money and wealth. Every family is different.

Financial advisors can play a crucial role in preserving and growing generational wealth. But it’s also true that some are better than others.

For readers who wonder and worry if you will have enough money to comfortably retire and be able to leave an inheritance, you are not alone.

Choosing the right Certified Public Accountant (CPA) and/or Trust and Estate (T&E) attorney is crucial for high-net-worth families. If your overarching goal is to manage wealth effectively and ensure financial security across generations – which for most families, it is – then working with highly-skilled and knowledgeable experts is simply a must.

Holidays also offer a time for reflection, which can create a constructive setting for families to gather and discuss values, ideas, goals and even challenges.

With the myriad responsibilities keeping owners focused on short- to medium-term needs and objectives for the business, there is often less time to think and plan critically for the long-term future.

In regular meetings with clients and families, some form of this question is always asked: Has anything related to your financial or personal situation, risk tolerance, cash flow needs or objectives changed since we last spoke? If “We’re about to go through a divorce” is part of the response, three things should happen.

For affluent families, tax planning is not just about complying with the law. It is also a critical component of wealth management and wealth preservation.