GenSpring regularly publishes on a broad array of topics categorized as Family Wealth & Business Planning, Family Governance & Education, Investment & Tax, Research and the Family Office Difference.
Families of significant wealth often own a diverse mix of assets, including multiple residences, less liquid alternative or private equity investments, and valuable collectibles. David Bokman discusses 10 key factors that must be taken into account in order to create and maintain a flexible wealth management plan that reflects the family’s priorities and diverse mix of assets and balances risk, cost, and complexity.
On our journey to obtain independence and achieve financial success, we usually prioritize having good educational experiences, a sound résumé and a career with a nice salary. The reality is that even with all this, we can still face financial disaster if we don’t develop good financial habits. The road to financial freedom requires practice and discipline. Here are a few simple steps to aid you on your journey.
Research suggests that the odds of sustaining wealth across generations are as low as 30%. Through collaboration with experts, internal research, and working with many of the world’s wealthiest families, GenSpring has identified 25 non-financial best practices that we believe enhance a family’s ability to sustain family wealth across generations.
Prenuptial agreements are becoming a more prevalent part of the marriage process, but most parents, children, and of course, young engaged couples, often find this subject very difficult to discuss. This paper provides helpful insight into addressing this sensitive and often taboo subject.
Throughout our history, GenSpring has utilized a combination of both “active” and “passive” investment solutions to solve for client needs. This paper provides GenSpring’s perspective on the ongoing debate over the advantages and shortcomings of these vehicles and details the importance for each client to have the right mix in order to position them to achieve their goals and objectives.
Strategic philanthropy has many benefits. By evaluating gift effectiveness families learn from the giving experience, gain a better understanding of the difference they are making and improve the effectiveness of their philanthropic investments along with process of giving in the future.
With the gift and estate tax exemption of $5,120,000 per person set to revert back to $1,000,000 at the end of 2012, now is a perfect time to revisit the merits of asset location and its potentially beneficial effects for passing wealth from generation to generation and avoiding costly taxes along the way. In this paper, Bruce Paulson, of GenSpring’s satellite Minnesota local family office, provides context for these complex issues and illustrations of potential planning strategies that maximize a family’s balance sheet from a multi-generational perspective.
Several common “myths” lead wealthy people to avoid life insurance, even when there may be a legitimate need, or to purchase life insurance for the wrong reasons. Life insurance can be an important risk management tool for some ultra-high net worth individuals who need to address concerns about survivor income, estate tax liquidity, or estate equalization.
Wealth is a very sensitive topic to most people, and discussing it honestly with others is often extremely uncomfortable. A thoughtful advisor can help clients more honestly assess their genuine motives, without judging them, and assist in developing a plan that better aligns actual giving behavior with the client’s motives.
Capital Sufficiency Analysis is the process of determining whether your family’s existing and anticipated financial resources will allow you to achieve your financial and estate planning goals. The analysis provides a framework for making decisions about future spending, investment allocation, estate and philanthropic planning.