People who are wealthy have much more than money to consider when it comes to estate planning and generational wealth transfer. For the wealthy, the stakes are often higher, the mistakes are magnified, and all members of the family have an incentive (and often the means) to litigate if things don’t go their way.
In this video, Peter with Richon Planning and Erin Kennedy discuss five documents that every wealthy person should have in order to protect his or her wealth and the harmony of the family.
1. An updated estate plan
2. Evaluate Various trusts
3. Legacy letter
4. Family Governance Plan
5. Succession plan for the family business
