“Riches…..very seldom remain long in the same family”

- Adam Smith

The Death Tax: Effects on Multi-Generational Wealth

The effects of the “death tax” or “estate tax” on accumulated wealth can be devastating to the multi-generational wealth building that many families, businesses and individuals envision. Without proper planning, hard earned wealth can disappear very quickly. One also has to consider the idea that as a family grows from one generation to the next, the typical family doubles in numbers. This means that the spending needs, taxes, and inflation interests also double, while the wealth accumulated may not be growing at the same rate. This creates a wealth deficit, that may eventually evaporate the accumulated efforts of the families founding generation.

Given the sheer number of estate planning techniques and vehicles available, wealthy families are often overwhelmed by the amount of planning that is needed to integrate an estate plan into their overall wealth management and financial plans. We help clients understand complex estate planing techniques and assist them with incorporating the correct solutions into their financial plans. Many clients tend to avoid wealth transfer planning because it addresses sensitive topics like death, illness, and funerals. What wealthy families need to keep in mind is that proper estate planning focuses on life after death. An effective estate plan will assist in correctly designating who gets what and when they get it. Without the benefit of a proper estate plan, these decisions could be left up to the courts.

Elysien Private Wealth can help you establish, update, or maintain a proper estate plan that is beneficial to your family, your foundation, or your small business. We will incorporate common and advanced planning techniques with a team of professionals based on your unique situation, and will do so with precision, compassion, and professionalism.