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Planning with Purpose

Partnering on a new approach to wealth planning

Society, laws, mores and family structures have changed dramatically over the last several decades. These shifts require a new approach to planning for an effective transfer of wealth.

Informed by our vast fiduciary heritage and expertise, The Northern Trust Institute has developed a three-step process, to be conducted in collaboration with clients and their attorneys, to ensure wealth plans reflect the goals and intentions of each unique family.

Is Your Wealth Plan Driven by Purpose?

diagram_1920px_is-your-weaith-plan-driven-by-purpose of high-net-worth parents do not feel aligned with their children on the priorities for their wealth. % 55 of those passing shared assets ( e.g. family business, legacy home ) have a disciplined process to prepare the next generation for their future decision-making role. % 40 of high-net-worth families feel their children understand family goals and intentions. % 25 do not believe the next gen is prepared to manage wealth. % 48 of high-net-worth families say their children do not understand what they will inherit. % 21
diagram_1920px_is-your-weaith-plan-driven-by-purpose of high-net-worth parents do not feel aligned with their children on the priorities for their wealth. % 55 of those passing shared assets ( e.g. family business, legacy home ) have a disciplined process to prepare the next generation for their future decision-making role. % 40 of high-net-worth families feel their children understand family goals and intentions. % 25 do not believe the next gen is prepared to manage wealth. % 48 of high-net-worth families say their children do not understand what they will inherit. % 21
diagram_375px_is-your-weaith-plan-driven-by-purpose of high-net-worth parents do not feel aligned with their children on the priorities for their wealth. % 55 of those passing shared assets ( e.g. family business, legacy home ) have a disciplined process to prepare the next generation for their future decision-making role. % 40 of high-net-worth families feel their children understand family goals and intentions. % 25 do not believe the next gen is prepared to manage wealth. % 48 of high-net-worth families say their children do not understand what they will inherit. % 21

Our Process

diagram_1920px_modern_trust_series_01 01 02 03 DEVELOP A STATEMENT OF INTENT NAVIGATE TRUSTEE SELECTION UTILIZE MODERN TRUST PROVISIONS DEFINE GOALS EVALUATE FIDUCIARY PARTNERS ENHANCE THE PLAN Articulate the purpose of wealth for future generations, and improve the likelihood the plan will be carried out as intended. Evaluate potential trustee candidates against criteria such as competency, continuity and complexity in the context of family and assets. Address evolving family dynamics and values to align the vision for wealth with the needs of future generations.
diagram_768px_modern_trust_series_01 01 02 03 DEVELOP A STATEMENT OF INTENT NAVIGATE TRUSTEE SELECTION UTILIZE MODERN TRUST PROVISIONS Articulate the purpose of wealth for future generations, and improve the likelihood the plan will be carried out as intended. Evaluate potential trustee candidates against criteria such as competency, continuity and complexity in the context of family and assets. Address evolving family dynamics and values to align the vision for wealth with the needs of future generations. DEFINE GOALS EVALUATE FIDUCIARY PARTNERS ENHANCE THE PLAN
diagram_375px_modern_trust_series_01 01 02 03 DEVELOP A STATEMENT OF INTENT NAVIGATE TRUSTEE SELECTION UTILIZE MODERN TRUST PROVISIONS Articulate the purpose of wealth for future generations, and improve the likelihood the plan will be carried out as intended. Evaluate potential trustee candidates against criteria such as competency, continuity and complexity in the context of family and assets. Address evolving family dynamics and values to align the vision for wealth with the needs of future generations. DEFINE GOALS EVALUATE FIDUCIARY PARTNERS ENHANCE THE PLAN
TRANSFER WEALTH PURPOSEFULLY

Get started by requesting our workbook to develop a Statement of Intent

Case Study: How One Family Instilled Purpose in Their Wealth Plan

Learn how we helped one family design a more purposeful wealth plan by creating a Statement of Wealth Transfer Intent, using a hybrid approach with trustee responsibilities, and adding flexibility for the future with Modern Trust Provisions.

LEARN HOW WE CAN WORK TOGETHER

Through a collaborative process with clients and attorneys, we help you achieve the vision for your wealth, as intended.