Wealth management firm Vogel Consulting provides reliable financial planning advice backed by nearly 25 years of experience. Recognized for its estate and tax planning services by Family Office Review Magazine, Vogel Consulting caters to multigenerational families seeking to protect their assets and navigate wealth transfers.
High-net-worth families often have complex financial planning needs when making decisions regarding generational wealth transfer. Under the guidance of an experienced, knowledgeable wealth manager, individuals can consider several asset transfer options that reduce tax burdens and streamline the decision-making process.
For example, life insurance policies and various types of trusts are proven ways to maintain asset value throughout the wealth transfer process.
In order to make sound financial decisions, it is crucial that the family identifies its predominant values and financial goals. For example, families that prioritize education can work with financial advisors to set up multigenerational college funds or an endowment gift to a university that has contributed to the family’s legacy.
Every generation brings more family members into consideration. Financial advisors can help larger families establish an appropriate governance model. In some families, assets may be divided into subsets managed by different family branches. Families also may opt to create a council led by older members who are tasked with decision-making.
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