The inheritance of substantial wealth can have a transformative effect on some individuals. On the plus side, it may lead to newfound financial independence and an abundance of options not previously available. But at the same time, the sudden acquisition of wealth can also present challenges. What impact will it have on your tax situation, on your ability—and motivation—to meet your life goals, on your children’s values, and on your family’s legacy? The choices you make regarding wealth management, estate and tax planning, and philanthropy can have a monumental impact on your family’s future. Harris myCFO can help you sort out the issues and provide a range of solutions, including:
- Developing a comprehensive investment and tax-planning strategy to address the short- and long-term needs of your family
- Working with your advisors to set up trusts and an estate plan to begin laying the groundwork for the intergenerational transfer of wealth to children and heirs
- Working with your advisors to establish a family foundation or donor-advised fund to address philanthropic objectives
- Working closely with next-generation members in both an educational and wealth management capacity
