Legacy Planning - Westmoore Private Clients

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Legacy Planning


Legacy Planning is a more holistic approach to estate planning. It is the creation of a definitive plan for managing your total wealth while you’re alive, distributing your estate how you choose after your death, and a clear plan to pass on your legacy. Your estate includes all assets of any value that you own. This includes non-financial assets as well as financial assets, including real property, business interests, investments, insurance proceeds, retirement accounts and personal property. Your legacy also includes important decisions that ensure your family’s core values, responsible behaviors and community involvement, are passed on to future generations.

Legacy planning prevents surprises by bringing extended family into the planning process. And it lets patriarchs and matriarchs see their legacy begin to unfold while they are alive to appreciate it.
All affluent families are concerned with preserving and managing their wealth. They want to successfully navigate the risk that’s part of the modern world. But they’re more concerned about the things that can’t be quantified, such as bestowing wealth on children in a healthy way; expressing familial values through philanthropy, and ensuring that future generations understand the family’s values and the source of its wealth.
Traditional estate planning can preserve and apportion wealth. But it does not help to ensure a stable legacy within a multi-generational family. It focuses on a transfer that occurs after a death, and it pertains to quantifiable financial assets. Little in conventional planning fosters long-term family harmony.

Multi-Family Office

A family office can be a useful tool in your legacy planning and it excellent for introducing the next generation to your structure and values.

A professional family office or multi-family office offers services such as wealth planning, administration, asset management, asset consolidation, asset performance monitoring, charity services, tax and legal services, trusteeship and risk management. These services are either offered in-house or the family office cooperates with dedicated external partners. What a family office could also offer is to organise your travel arrangements, provide insurance solutions, manage your yacht or help you invest in private equity or manage real estate .

A family office can also manage your corporate (holding) structure and your private investment structure and assist in setting up wealth protection or other wealth planning structures. In most cases wealth management, wealth planning and safeguarding your assets are at the core of the services which are provided.  However, the services to be provided by your Family Office is tailored to your requirements and your personal preferences.

A multi-family office would share some ressources with other family offices but is completely segregated and confidential.


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