The establishment of a family office is an excellent way for an affluent family to manage their wealth and transfer it from one generation to the next. Wilmington Trust’s Brian Oard and Alvina Lo sat down with industry experts at the 2018 Hawaii Tax Institute Conference to discuss the factors to consider when establishing a family office.
Learn best practices to help families overcome fears of demotivation.Many wealth holders fear that the anticipation of inherited wealth will demotivate or disempower family members.The idea of discussing wealth transfer and inheritance issues can be daunting, but the rewards can prove significant when family members work together to improve communication and strengthen trust.
Turn your year-end giving into a longer-term charitable giving strategy.Even as you strive to be tax-efficient and timely in your year-end giving, those gifts can be part of a longer-term charitable giving strategy.Giving for the long term requires a plan for what charities to support, what assets to give, and what structures to use. Including your family in the process and looking at gifting as a long-term expression of your values can create a fulfilling and lasting family legacy.