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A Guide to Family Wealth Planning

  • Oppenheimer & Co. Inc.
  • February 1, 2019

Family wealth planning is a crucial part of building long-term financial wealth for your family now and after you're gone.

family playing in the park

An effective family wealth planning strategy doesn’t just focus on how to transition wealth to the next generation, but also how to equip the next generation to preserve and grow wealth in the future. Building generational family wealth can be incredibly rewarding and incredibly challenging.

There are countless factors to consider, such as: how to manage major family expenses like college tuition and weddings, who will inherit which assets, and how to effectively manage estate taxes. But more importantly, effective family wealth planning is about ensuring that your financial desires and goals align with those of your family members.

Why you should start planning now

No matter what your income level is, it’s never too early to start building a family wealth planning strategy. As your family and estate grow, it becomes more challenging to build a comprehensive plan.

Start by articulating what financial success looks like for you and your family. It can be helpful to seek input from your family members to understand their financial aspirations and assess their ability to take an active future role in managing family matters and finances. Understanding all of this will help set the foundation for your family wealth planning strategy.

Working with a Financial Advisor

Every family should leverage the resources and expertise of a Financial Advisor to help build and manage their wealth planning strategy. This is because family wealth planning is not only extremely complicated but it can also be a sensitive topic among family members. Having an unbiased, third-party advisor can help mitigate any inter-family issues while uncovering new opportunities to grow the family portfolio.

Get started with planning the financial future of your family by talking with an Oppenheimer Financial Advisor.