Preserving your wealth for future generations

Transferring wealth from your North Carolina estate to beneficiaries is far from simple, especially if you wish for it to continue through several generations. Legacy planning goes beyond simply drawing up a will. At Orsbon & Fenninger, LLP, we often provide comprehensive estate planning services, including setting up trusts that meet a variety of needs.

Forbes reports traditional estate plans do not preserve as much wealth as you may think. There is a 70% chance that your wealth does not last beyond the second generation and a 90% chance it runs its course by the third generation. A fully developed legacy plan can help preserve your wealth for many more decades.

Create a team of experienced professional advisors that can guide you in building a legacy that lasts beyond the lives of your grandchildren. Core members of the team should specialize in a variety of areas, including the legal, financial and tax arenas. Additional members depend on your situation and your family’s unique needs.

Legacy planning is more of a process than a plan. It encompasses more than preparing and signing the right documents. It is a framework, guided by a particular mindset focusing on a purpose. The blueprint puts processes in place that evolve with you. A successful plan can help you mitigate estate taxes, protect your property and grow non-legacy asset separately.

For some young people, separating the ideas of wealth and money is challenging. It is never too early to teach your children and other family members about charitable giving and sharing your thoughts on wealth. The legacy team you put in place can help you not only grow assets for future generations, but guide your children, their children and beyond to keep your legacy alive. Visit our webpage for more information on this topic.