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Wealth transfer can be a complex process for most families but especially wealthy ones. The range of issues involved can include family values, objectives and relationships; business continuity; investment strategy and insurance, taxes and ownership structures, amongst others. At the same time questions of control, responsibility and timing are raised.
Not surprisingly, most people, including the wealthy, drag their feet when dealing with this topic. A survey* by the American firm SEI Wealth Network found that 54% of even the wealthy, with an average net worth of $20 million or more, did not have a wealth transfer plan.
So are you prepared? To assist you to avoid procrastination we recommend a staged approach that can be effective in putting a plan into place. There are six elements to the process as follows:
Wealth transfer is inevitable whether it's planned and orderly or expensive and chaotic is a choice that today's wealthy Boomers should make before it's made for them. Call us today for an appointment to review your wealth transfer plan to ensure that it reflects your current situation and value!
* Financial Post, 2012
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