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Preparing for the Next Generation

CLIENT SITUATION

This was a pressing question for one Abbot Downing client with young adult children. In addition to his children not fully understanding the scope of the family’s wealth, the client worried that they lacked some of the requisite skills and education needed to manage the resources they would soon inherit.

OUR SOLUTION

Our team of professionals suggested a three-pronged solution which the client endorsed. First, our advisors met with each of the adult children to obtain a comprehensive understanding of their comfort, competence, and confidence with regard to financial concepts as well as to surface their specific questions and goals. Next, our team designed and delivered a customized financial education seminar that aligned with the interests expressed by the client and each of his children.

THE RESULT

At a subsequent family meeting, our team facilitated a thoughtful discussion about the family’s shared history, core values and vision for the future. This helped the client and his children articulate and reinforce their most important priorities as a family. In addition to feeling more financially fluent, the client’s children now have greater clarity around the family’s most important legacy.


DISCLOSURES

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.