Tips to Safeguard Assets for Future Generations

Safeguard Assets for Future Generations

The truth is that there are many things you must consider. One of them is liability, which includes creating a multi-generational trust and having your kids get prenuptial agreements when they get married, among other things. These are fairly common practices among wealthy families when trying to protect their assets. 

Real Estate

A recommendation on how to manage “excess” wealth would be to purchase “exclusive real estate”. This could be a historic property, a very high-end beach home, or a mountain home. Somewhere the family gathers so you create a sense of legacy. Making it owned by trust long-term, so it continues to grow in value and wealth for generations to come. If well maintained, real estate tends to be a good multi-generational asset protection mechanism.

Tell Your Story

Ultimately, the number one way to protect assets is not commonly talked about by attorneys, and most financial planners, which is to tell your story. Every wealthy family has a story. How did the wealth come about? It might be that the grandparents came from overseas and started a business from scratch. They worked really hard and turned a small mom-and-pop shop into a successful business. Everyone has a story and every story is unique. Make sure to tell yours over and over again.

Finally, it’s important to write a family mission statement, and talk about it often. This will also be different for each family, but it could include answers to questions such as, what is the family set out to do? How are they helping the community? How are they growing multi-generational wealth? If you’d like to learn more about this topic we have different podcasts on the subject where we talk about it in depth.

Podcast Episodes Referenced:

Transferring Wealth from Generation to Generation

What is Generational Wealth and How Do You Preserve it?

Have more questions? Contact Us

Casey Smith
President, Wiser Wealth Management

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By Published On: July 21, 2023

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