These clients are members of a large, multi-generational family. It includes thirteen households and three generations, with plans for a fourth generation well underway. The enterprise needed a systematic way to educate family members about wealth’s impact on current and future generations, including selective information about family assets.
Together with the client, Abbot Downing created a flexible, customized approach that helps the family address diverse planning goals and objectives. Accounts are aggregated, administration is simplified and communication methods are clarified. The plan moves generation-by-generation and household-by-household to educate members about holdings, reviews the trusts and custodial accounts covering each generation and examines the interrelationships that exist between individuals and households.
We then helped the family develop a clearly defined structure for operating as an effective family council, one that reflects the family’s commitment to maintaining an atmosphere in which rational dialogue enhances decision-making about spending, saving, sharing and transferring wealth. The new structure and processes have been great successes at the family council meetings Abbot Downing arranged for the extended family.
These materials are provided for general education and illustration purposes only. They were prepared by Abbot Downing and have been obtained or derived from information we consider reliable, but we cannot guarantee their accuracy or completeness. Abbot Downing does not undertake to advise you of any change in the information contained in these materials.
Wells Fargo & Company and its affiliates do not provide legal advice. Please consult your legal advisors to determine how this information may apply to your own situation. Whether any planned tax result is realized by you depends on the specific facts of you own situation at the time your taxes are prepared.