Estate Planning is a responsibility that lasts multiple generations. Rather than simply helping our clients answer the question of “Where do I want my stuff to go?”, we address the deeper concerns regarding the transfer of wealth.
A comprehensive estate plan should preserve and reinforce the values that were required to create the wealth, while providing security and comfort for generations to follow. It should attempt to minimize taxes for maximum family wealth retention or philanthropic endeavors. A well thought out plan should also incorporate the necessary flexibility to account for long-term uncertainty. We help our clients address concerns regarding education, medical needs, and potential financial difficulties for future generations. We help our clients who have philanthropic goals, but are unsure of how to make a meaningful difference without significant current sacrifice. Most of all, we address the concerns of keeping the family cohesive and informed while leaving a meaningful, lasting legacy
Once we have clearly articulated the goals and objectives of the family, we collaborate with all interested parties to define an effective “multi-generational” wealth plan. We then conduct a comprehensive review of our clients existing strategies and documents including wills and trusts. We will then identify any areas of conflict between the stated goals and current plans. Through collaboration with trusted advisors, we will work to align the goals and objectives through the update of wills, trusts, and core documents. In addition, we will update or establish appropriate gifting and sale strategies. We take on the responsibility of coordinating the various financial instruments involved including liquid investments, life insurance, and entity structures.
Once a plan has been established and implemented, it must be periodically maintained. We establish an appropriate review schedule to determine if updates are necessary based on legislative impacts, circumstantial changes, or administrative updates.
We will include a comprehensive review and management strategy of the financial instruments involved. We review the strength of those instruments to ensure a consistent alignment is kept with the family’s goals and objectives.
Comprehensive estate planning extends beyond any single generation. At Granite Harbor Advisors, our business succession and continuity plan will ensure each generation to follow continues to have the same best-in-class experience. Our clients have worked hard for their wealth, and it is our commitment to protect and preserve that wealth for generations to follow.