joe@ally-marketing.com
3 Questions Parents and Grandparents Should Consider Before Transferring Wealth
3 Questions Parents and Grandparents Should Consider Before Transferring Wealth How rushing to transfer wealth in the midst of tax changes can lead to unintended consequences, and how advisors can help clients avoid them Byline: Doug Baumoel Estimated read time: 3 minutes Distributing or transferring wealth to the next generation can present unexpected dilemmas. These dilemmas have been exacerbated by expectations that the estate tax laws may change under the Biden administration. Currently, when gifting or transferring money, there is no estate tax to be paid for up to $11.7M for an individual or $23.4M for a couple. While it’s [...]
Wealth Disparity and Marriage: 3 Reasons Prenups Set Couples Up for Success
Wealth Disparity and Marriage: 3 Reasons Prenups Set Couples Up for Success Why a prenuptial agreement can strengthen a marriage and how advisors can effectively approach the discussion with clients in a positive way By Blair Trippe Estimated read time: 5 mins Planning a wedding and getting married is an exciting milestone in life—one that, for many, was abruptly put on hold due to the COVID-19 pandemic. With vaccinations on the rise, more and more couples are getting back to planning their nuptial celebrations. While that includes fun decisions like choosing a cake and picking color schemes, it also [...]
Schlesinger to Lead the Center for Wealth Integration at Boston-Based Continuity Family Business Consulting
Continuity Family Business Consulting (Continuity) is pleased to welcome Sarah Parker Schlesinger as a Senior Consultant. In this role, Schlesinger will oversee development of Continuity’s Center for Wealth Integration, which will help high-net-worth (HNW) families and family enterprises navigate the opportunities and challenges of generational and shared wealth.
Is Family Governance Necessary for High-Net-Worth Families?
Is Family Governance Necessary for High Net Worth Families? 4 factors that wealth managers and estate advisors should consider for their clients Estimated read time: 4 mins Family governance, in its simplest form, is a structured process for making decisions together as a family. It provides a forum for families to discuss strategic issues like succession planning, financial choices, risks, and more. Governance can be formal, with organized meetings and documents like a family constitution, or informal with casual meetings or a phone call. However, formal family governance is not necessary for every family. We’ve outlined four factors to [...]
8 Steps to Manage Sibling Wealth Disparity
Wealth disparity among siblings can wreak havoc in families—especially when a family business is involved. Unfortunately, it’s all too common for the family enterprise to magnify wealth disparity and worsen issues of entitlement, exclusion and fairness. To nurture and maintain lasting relationships, it is critical to understand and manage sibling wealth disparity. Understanding the Path to Sibling Wealth Disparity As dependents, siblings grow up with similar economic status. Their relationships are forged as equals. As they mature, siblings may take very different paths, with diverse opportunities and challenges that impact their individual wealth [...]
Access Managing Conflict in Family Business Webinar – Family Enterprise Xchange
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Are you Prepared for Conflict in Your Family Business?
Your Future Depends on it. Conflicts in family business make headlines in newspapers, prompt exposés in business journals, and are the subject of popular books and movies. The bigger the business, the more sensational the story! Poorly managed conflict can be the most devastating threat to family businesses of any size. The fact is that the potential for conflict is woven into the fabric of family enterprise. Yet despite this, most stakeholders and advisors do not truly understand the unique nature of this type of conflict and are unprepared to manage these conflicts when they strike. How family business conflict is [...]
The Good News: Family Business, Resilience, and the Pandemic
When External Factors Increase Internal Pressures All businesses, both family- and non-family-owned, are being impacted by the coronavirus pandemic. How they respond provides important insight into what makes family businesses different. Family businesses are unique, with many advantages that stand them in good stead during times of crisis. While there are unique strengths for family-owned firms working in a world changed by COVID-19, family businesses also need to be aware of unique risks they face. While some families will clearly suffer personal and financial losses due to the pandemic, the good news is that for many family businesses the challenges [...]
Why You Might Need A Family Council
When to Consider a Family Council for Your Family Enterprise Families hoping to achieve a lasting legacy and to have the greatest impact through multiple generations can benefit from a family council designed for their unique family’s needs. When properly developed, family councils can help families stay connected, aligned, and informed. They help families crystallize a vision and work toward realizing it, together. By establishing agreements and processes to aid in group decision making, family councils protect families from conflict, guide them through disputes over what’s fair, and help them navigate transitions. Well-designed family councils can also direct [...]