What if You Passed Last Night?

Oct 08, 2019 | Jason David Smith


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You thought about succession, but lack of time, lack of interest, and focus on short-term goals stopped you. Yet you wanted to ensure your family’s wealth continues. So your money could be wealth beyond your kids. Planning to ensure it’s preserved.

What if you passed last night?

Relax, you’re in a good place. But now you’re looking down - How’s it look?

You were a successful CAMM business leader. One month later, what’s going on? Who’s in charge? Do all agree that person should be in charge? What about your business? Is it now a distressed sale at rock bottom prices? Did you start that foundation to protect your charities? Has all your hard work and wealth just been broken up and distributed, unlikely to last the next generation.

You thought about succession, but lack of time, lack of interest, and focus on short-term goals stopped you. Yet you wanted to ensure your family’s wealth continues. So your money could be wealth beyond your kids. Planning to ensure it’s preserved against the spendthrift, or for grand-kids’ education. Maybe, a pool of money for such special opportunities, which if the family all agrees, can be accessed to follow the goals you helped develop.

Wealth planning is important, wealth carries responsibility. These last decades, where huge wealth was created, may not happen again soon. Technology is disrupting the world we know; no more KODAK, nor Sears. People under 30 do not expect the same wealth, nor even as long a lifespan, as their parents. In 10 years wealth may mean NOT owning a car. Everything is ‘Uber-ized’

Maybe ‘they’ said that it’s all taken care of? Perhaps the child you thought would take over gets divorced, and now the need for cash is forcing a sale.

We’ve all heard the stories where everything goes to the spouse, but the spouse becomes mentally incompetent, can’t change the will so kids’ battle over who gets what. Then divorces and such fritter it all away.  Or ‘Affluenza’ where the talented child has no reason to strive, and wastes their potential just waiting for inheritance. Your wealth didn’t do that, poor planning and lack of expectations did.

‘Estate Planning’ is more than a simple tax minimization package. You had enough for intergenerational wealth. But how? We can help - start with basic planning (macro analysis), then the details (micro analysis) and then draft the full plan. A plan developed with your existing business professionals. But it’s a process and requires your vision and family input. It’s not a product you can just buy.

 

If you’d like to know more email me. I’ll send you the book on intergenerational wealth transfer ‘The Naked Opus”. It’s an easy read. Don’t want to read the book? Call me. We’ll meet and talk about what you want to happen. Then we can begin crafting solutions to protect your long term family wealth while ensuring everyone’s expectations are met and responsibilities are clear. You can rest knowing you did everything you could for them.

 

You have a CAMM friend at RBC DS.