Families and Generational Wealth Management Planning
MBI’s wealth management team has worked closely with families for years to manage their wealth across multiple generations. Our experienced financial advisors and consultants understand the many questions that come up related to a desire to preserve wealth while continuing to account for the needs of future generations. MBI provides expertise across the following areas:
- Generation skip transfer
- Gifts including stock transfers
- Inheritances
- Business owner consulting
- Charitable giving
- Education planning
- Estate and trust planning
- Financial planning
- Insurance
- Investment advisory
- Retirement planning
- Tax planning and preparation
Planning for Each Family’s Situation
Financial decision-making by families can be a sensitive and matter. Financial priorities are unique to each family and may include concerns such as inheritances, wills and estates, business matters and planned investments in a younger generation, of which play a role in the complex financial management needs and decision-making of a multi-generational family.
Families with significant wealth often recognize that planning and making decisions about finances can benefit from the insights of an experienced professional—whether those needs relate to the wealth transfer to children or young adults in a tax-efficient manner, taking steps to ensure the long-term security of family members, setting and management an investment portfolio or planning for an upcoming life event such as a marriage or home purchase. Professional expertise can be especially important based on different perspectives on spending and investing, or due to different levels of understanding of important matters such as tax planning or estate planning.
How MBI Helps Multi-Generational Families Manage Their Wealth
It helps to understand the decision-making dynamics within a family and the sentiments and goals of individual family members. MBI works closely to generate a comprehensive view of each family’s overall financial goals, and to provide insights that deliver as much alignment as possible. We operate with deep respect and an appreciation for the needs of each client.
When it comes to conducting actual financial transactions such as gifting (stock and non-stock), exit planning of a family member from a business, establishing a trust or 529 educational plan, or the purchase of long-term care insurance, MBI can also advise on the tax ramifications and provide options to preserve as much wealth as possible in pursuit of the family’s goals.
Finally, MBI can serve as a back-office for families by handling budgeting, cash flow management, financial planning, expense management and investment portfolio management. We collaborate, as needed, with other professionals include attorneys, brokers, consultants and others that serve the long-term interests of the family.
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MBI is committed to helping multi-generational families make sound, smart and efficient tax and financial planning decisions. Our team believes the main benchmark of our success is an ability to earn sufficient trust with clients to become active partners in preserving a legacy of wealth an ongoing family security for many years to come.
