Nevada Estate Planning Family Governance Servcies
“The parent who leaves his son enormous wealth generally deadens the talents and energies of the son, and tempts him to lead a less useful and less worthy life than he otherwise would.”
- Andrew Carnegie
Nevada Estate Planning & The Challenges Associated With Wealth
Families that have earned, sustained, or accumulated wealth face significant challenges in their lives. The maintenance of Nevada estate planning concepts with family wealth requires diligent oversight and stable guidance. Under the wrong supervision, Nevada estate planning services designed to protect assets that have been in a family for generations, can dissipate quickly.
The successful transition of wealth from one generation to the next, particularly from the second to the third generations, is most often not a question of proper Nevada estate planning or financial asset management, but much more about the development of the succeeding generations family members or family governance issues. It is important that the family members have a solid understanding of their role in the families long term stability and success. That is what family governance in Nevada estate planning is all about.
Nevada Estate Planning & Family Governance: The Odds Are Stacked Against Most Families
The old term “shirtsleeves to shirtsleeves in three generations” occurs much more often than not in the United States today. In the book Philanthropy, Heirs and Values, A study of 3,250 wealthy families was conducted and it was found that more than 70% of wealthy families failed to successfully transfer wealth from one generation to the next.
The main reason for this failure was not a breakdown in investment management, legal, or tax planning. The main issue was that succeeding generations of family members were ill prepared to handle the effects of wealth.
While a lot of attention of your Nevada estate planning techniques should be spent on the investment management side of your Nevada estate planning needs, little consideration is typically given to the human capital aspect of Nevada estate planning family governance issues.
Nevada Estate Planning & Family Governance: How We Can Help
Elysien Private Wealth can work with your family on designing and implementing your Nevada estate planning family governance program; including building a effective plan for family principles, policies, and practices.
We can help you establish a family constitution, trust distribution guidelines, family business best practices, expectations for family involvement, and family wealth education programs. We will combine these efforts with our investment management expertise and coordinate our efforts with your other trusted family advisors.
Our Nevada estate planning family governance platform can help the current and future generations of your family be better prepared to handle the effects of wealth and help them develop the level of maturity and self reliance needed in order to deal with those effects responsibly.