Generational Wealth Planning

Once wealth is accumulated, it presents a set of unique opportunities surrounding preserving and optimizing wealth for future generations. A comprehensive and personalized financial planning strategy is needed to achieve the multi-generational financial goals and security for your family.

The planning is a combination of asset management, strategic tax planning, administration, and more which takes into account your vision, values and goals for the effective transfer of wealth to the next generation.

“A good man leaveth an inheritance to his children’s children, and the wealth of the sinner is laid up for the just.” Proverbs 13:22

A Generational Wealth Plan functions to leave your children’s children an inheritance.  It sees to it that the promises made are fulfilled because you have provided for them.  It is done tax efficiently, so generations beyond your time have memorable life experiences because of what you provided.  When you want to leave a legacy to family, church, organizations, etc. all are answered through a Generational Wealth Plan.  Not only true for business, but it’s also true in life.

Advisers of Integrity Financial BCS take the time to understand not only your financial posture, but the dynamics of your family as well to help you define and achieve your goals.  We are diligent in pursuit of the objective and provide expertise to help in all areas of financial planning such as:

  • Education Funding
  • Charitable Giving
  • Tax Reduction 
  • Wealth Management & Protection

Planning Options

There is a lot of talk today about Trusts, however, many people don’t know what it is and the importance of having a Trust in their planning – so most fail to plan.  It’s almost impossible to build a Generational Wealth Plan without building Trust.  

A Trust is a recognized entity to live beyond your time. It is created specifically to handle titled assets, therefore titles may be placed in the name of the Trust and would never need to be changed again for distribution to the named beneficiary. 

Trusts are most useful to avoid probate. Probate and/or Succession is the court-supervised process of wrapping up a person’s estate. This can be a costly and time-consuming process, without privacy.  Assets through a living trust can pass to beneficiaries without probate/succession.  Because it holds the asset, it becomes a Trust Holding, no longer subject to bloodline laws. It’s the most protective type of planning.

An irrevocable trust is simply a trust with terms and provisions that cannot be changed by the grantor. Using an irrevocable trust allows you to minimize estate tax, protect assets from creditors, and provide for family members who are; minors, financially irresponsible, or who have special needs.

Assets placed into the trusts are considered gifts and cannot be removed at a later date. The grantor, however, does have the ability to create the exact terms and rules that others must follow.
A revocable living trust is a popular estate planning tool that you can use to determine who will get your property when you die. Most living trusts are “revocable” because you can change them as your circumstances or wishes change. Revocable living trusts are “living” because you make them during your lifetime. They are often referred to as a Living Trust or an Inter Vivos Trust.
“A living revocable trust serves as far more than just where assets are to go upon your death and it does that in an efficient way.”
– Suze Orman
You’ve heard the saying “nothing lasts forever” right? Well, the dynasty trust may be an exception. This trust allows substantial amounts of wealth to grow free of federal gift, estate, and generation skipping transfer taxes for many generations…quite possibly forever, which is a greater benefit for many who want to ensure lasting security. The Dynasty Trust protects wealth from financial predators such as creditors and divorce and may also be used as an incentive for desirable behavior from its beneficiaries.

Dynasty Trusts are long-term trusts created specifically to benefit descendants of multiple generations. Think of the Kennedy’s…yet not only for the wealthiest of families, nor are they as out of reach as most people think. The Dynasty Trust is irrevocable, and the assets contributed are removed from the estate. Planning with dynasty trusts requires pertinent and in-depth conversations regarding needs and goals.
Charitable Trusts are ideal for those who understand philanthropy and are really beneficial to those wishing to provide for causes. You can determine distributions for causes and/or organizations that you support. Charitable planning must be done thoughtfully, carefully and with great care as it may be challenged by the bloodline. The Charitable Trust can fight this battle and win if planned and implemented correctly.

Philanthropy through charitable contributions generates not only goodwill, but also has significant income and estate tax benefits for donors. For wealthy individuals, this may translate into hundreds of thousands of dollars in estate and income tax savings. A great way to accomplish this goal is through the use of charitable trusts.
Why would this be on the radar? Medical and Healthcare costs are the main reasons why people 65+ file bankruptcy. Estate Preservation is a genuine concern. You want to be able to preserve the estate you have built with blood, sweat, and tears over a long period of time. Your estate could be secured in an irrevocable Medicaid Trust, which provides ultimate protection.

A Medicaid Trust, sometimes erroneously called a Medicare Trust, is an irrevocable trust. It holds the assets of the future nursing home patient. It must be properly worded and have a trustee, which can be your children, other relatives, or an independent third party. Medicaid Trust planning must appreciate the “look back” period as well as the limits regarding assets and income.
The Family Limited Partnership (FLP) is a beneficial structure available for wealth preservation via asset protection, estate planning, and tax minimization. Although you “can’t take it with you,” by placing your assets into a Family Limited Partnership you can legally and successfully protect everything you own from attack by creditors and from erosion by exorbitant taxes.

An FLP is a type of arrangement in which family members pool money to run a business project. Each family member buys units or shares of the business and can profit in proportion to the number of shares he or she owns, and as outlined in the partnership operating agreement.

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