Multi-Generational Wealth
Elevation Wealth Partners can play a pivotal role in helping families with multi-generational wealth manage their assets to ensure a lasting legacy for future generations. One of their primary objectives is to create financial strategies that preserve and grow wealth over time, enabling it to be passed onto children and grandchildren. This starts with really getting to know the family, understanding where their wealth came from, their values, the legacy they wish to continue, and what they want to be remembered for.
The team at Elevation Wealth Partners will be instrumental in addressing the behavioral aspects of wealth transfer. One major concern for families with significant resources is ensuring that the next generation doesn’t become overly dependent on their inheritance. We’ll help design a plan that gradually introduces wealth to heirs, often through trusts with conditions or timelines for distributions. This can encourage responsibility, discipline, and a strong work ethic in younger generations, preventing them from viewing the family fortune as an endless resource to be freely spent. Additionally, in family meetings and one-on-one counseling, we’ll educate heirs, teaching them how to manage and grow their wealth wisely, fostering a sense of stewardship over the family’s legacy.
How Elevation Wealth Partners works with families that have Multi-Generational Wealth:
- Understand the family’s history, values, and legacy they want to create.
- Develop a plan and strategy to execute their vision, benefit those closest to them, and transcend generations.
- Work with their other professionals (CPAs, attorneys, business managers) to minimize taxes and ensure a smooth and uncontested transition.
- Educate and coach the next generation of investors.