Asset Transfer and Legacy Planning
Executive Summary
- For advisors to maintain clients during a wealth transfer, it is essential to build relationships with the entire family before the transfer occurs.
- Connecting with heirs may require a different focus than connecting with the primary client, as a result of diverse personalities and generational differences among family members.
- Advisors can play a key role in helping families communicate about finances, and as a result establish themselves as an ally to family members.
- As advisors prepare for the greatest wealth transfer in history, deepening client relationships across generations will be essential to the long-term health of their business.
Who will be your caregiver?
The demands placed on the health care system and the need for long-term care options continue to rise. The question of whether Americans have adequately prepared for their future health and long-term care needs will be answered in the coming years as a wave of baby boomers retire.
The family conversation you should not avoid: How to discuss your legacy
Everyone needs to take time to consider what they are leaving behind. What is left behind is often far more than can be measured in monetary terms. In addition to material worldly assets, a person leaves behind a legacy representing their values, plans, beliefs and cherished memories.
Financial concerns of women
Women have made incredible strides, both professionally and personally, in the last half-century. Despite the professional and financial successes that women in the workplace have earned in recent generations, they are still facing personal issues and unresolved challenges.