Through succession planning, you can ensure the survival of your wealth how you invision to best serve the next generation.

Many were shocked when Gloria Vanderbilt passed away in June of 2019 – not because of her death (the fashion icon and socialite was ninety-five years old), but because she had not left a trust fund for her son, CNN news anchor Anderson Cooper. Of course we’ve heard this before, the most famous example being Warren Buffett, who has stated that his succession plan, is to give away the bulk of his $77 billion fortune rather than willing it to his kids. For most people, the idea of disinheriting one’s children borders on cruelty. For some of the wealthiest, however, it is the ultimate act of love. They worry that kids who inherit fortunes tend to lack the drive, initiative and perseverance needed to succeed on their own. Gloria Vanderbilt was an exception – she inherited $5 million dollars…

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Do you have the newest thing in wardrobe closet essentials?

In a previous post we covered the importance of home inventory, or taking a thorough account of your physical assets to determine their value as part of your complete portfolio. The next step is figuring out what maintenance those items require so they retain their value and can be liquidated, donated or bequeathed to your heirs. What you may not have considered is that these assets include not only homes and cars, but the perhaps less obvious personal items, like your wardrobe closet.     If you have a passion for haute couture, you already know that the clothes on your back – literally – are works of art that if properly cared for can appreciate over time. As with any collection, they must be catalogued, complete with detailed descriptions and photographs; you should also establish a clear “provenance,”…

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How and Why to Create a Home Inventory

As we enter the last few months of 2020, we continue to be reminded each day how circumstances can change on a dime, and last longer than originally thought. We are also realizing the importance of taking stock of our lives, home inventory and figuring out how to best position ourselves moving forward. When it comes to wealth management, this includes becoming aware of our physical assets to see how they figure into our overall financial picture. Here are some reasons why taking a thorough inventory of your residence(s) is so critical, and some way in which you can do so.     The sale of a residence.  Anyone who has moved will tell you what a chaotic experience it can be. No matter how professional or conscientious the moving company is, or how closely you or your staff…

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