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Successful Wealth Transfer Starts with Conversations

Research from The Northern Trust Institute provides insight on how today’s high net worth families plan to transfer wealth and identifies shared characteristics of those families poised for success.

1

Everyone benefits from detailed conversations about wealth

Sharing details about an eventual inheritance and working together as a family to prepare helps pave the way for a successful transfer of wealth.

Respondents who stated the next generation has a clear understanding of what they will inherit feel better equipped to succeed across a number of factors.

Start the Conversation

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2

Family comes first, but it is not the only goal

Maintaining lifestyle and providing for children and grandchildren are ranked among respondents’ most important goals, but philanthropy and tax management also matter to almost half of respondents.

When thinking about your goals for your wealth, which of the following are the most important to you?

Empower your family with financial education

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3

Financial education helps, but more work may be required to instill confidence before transferring wealth.

While most respondents (79%) indicate they have provided their children with access to financial education, half (48%) are still concerned for the preparedness of the next generation to manage wealth.

4

High net worth individuals have a strong commitment to community – and reap the benefits.

A majority of HNW investors (85%) plan to support charitable causes, with half (52%) indicating their wealth will be able to help philanthropic causes important to them. But the benefits do not stop there:

Not only do high net worth individuals have the means to be philanthropic, they are also genuinely motivated to extend their generosity to those around them.

What are your motivations for charitable giving?

 

 

Disclosures

© 2024 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S.

This information is not intended to be and should not be treated as legal, investment, accounting or tax advice and is for informational purposes only. Readers, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, accounting or tax advice from their own counsel. All information discussed herein is current only as of the date appearing in this material and is subject to change at any time without notice.

This information does not constitute and should not be understood as a recommendation with respect to the rollover, transfer or distribution of assets from an existing retirement plan or IRA account of any kind, including, without limitation, whether, in what amount, in what form, and to what destination such a rollover, transfer, or distribution should be made.

Plan, with purpose. 

Planning with Purpose is a three-part process developed by The Northern Trust Institute, to be conducted in collaboration with clients and their attorneys, to help ensure wealth plans reflect the goals and intentions of each unique family

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Successful wealth management requires coordinated advice that evolves with your life and circumstances. Together, we can develop a plan for your best future.